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ACC/557 Homework 4 Chapters 11 and 12

ACC/557 Homework 4 Chapters 11 and 12

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ACC/557 Homework 4 Chapters 11 and 12

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ACC/557 Homework 4 Chapters 11 and 12

Due Week 8 and worth 70 points

Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.

Exercises

E11-7. Quay Co. had the following transactions during the current period.

Mar. 2               Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.

June 12             Issued 60,000 shares of $5 par value common stock for cash of $375,000.

July 11              Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.

Nov. 28             Purchased 2,000 shares of treasury stock for $80,000.

Instructions

Journalize the transactions.

E11-13. On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.

Apr. 1               Issued 25,000 additional shares of common

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