Question

Current Attempt in Progress

Pharoah Company had these transactions during the current period.

June 12		Issued 81,500 shares of $1 par value common stock for cash of $305,625.
July 11		Issued 4,150 shares of $102 par value preferred stock for cash at $109 per share.
Nov. 28		Purchased 3,050 shares of treasury stock for $9,800.

Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date                                                          June 12July 11Nov. 28	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          June 12July 11Nov. 28	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          June 12July 11Nov. 28	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

List of Accounts

Answer 1

--Journal entries asked

Date	Accounts title	Debit	Credit
12-Jun	Cash	$305,625
	Common Stock, par [81500 shares x $ 1]		$81,500
	Paid in Capital in excess of Par - Common Stock		$224,125
	(to record issuance of common stock)
11-Jul	Cash (4150 shares x $ 109)	$452,350
	Preferred Stock (4150 shares x $ 102)		$423,300
	Paid in Capital in excess of Par - Preferred Stock		$29,050
	(to record issuance of stock)
28-Nov	Treasury Stock	$9,800
	Cash		$9,800
	(to record re purchase)