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Prepare journal entries for each of the above transactions

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Reference no: EM132419534

Problem: Memo had the following transactions during the year:

  • January 1 Issued 5,000 shares with a $1 par value for $30 each
  • April 1 Repurchased 250 shares of the company's stock at $37 per share
  • June 14 Sold 130 of the shares for $42 each.
  • September 1 Sold 120 of the shares for $32 each

Required:

Question: Prepare journal entries for each of the above transactions. Please describe your solutions.

Reference no: EM132419534

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