Genius

accountant for Douglas Corporation

accountant for Douglas Corporation



An inexperienced accountant for Douglas Corporation made the following entries.

July	1	Cash		180,000
			Common Stock			180,000
				(Issued 25,000 shares of common stock,
				par value $6 per share)

Sept.	1	Common Stock		24,000
		Retained Earnings		16,000
			Cash			40,000
				(Purchased 4,000 shares issued on July 1 for the
				treasury at $10 per share)

Instructions
On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. 





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Answered
Other / Other
22 Mar 2016

Answers (1)

  1. Genius

    accountant for Douglas Corporation

    accountant for Douglas Corporation ****** ******
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