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Analyzing and Identifying Financial Statement Effects of Stock Transactions McNichols Corp. reports the following transactions...

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Accounting

Analyzing and Identifying Financial Statement Effects of Stock Transactions
McNichols Corp. reports the following transactions relating to its stock accounts.
Jan. 15 Issued 32,000 shares of $5 par value common stock at $17 cash per share. Jan. 20 Issued 7,200 shares of $50 par value, 8% preferred stock at $78 cash per share. Mar. 31 Purchased 3,600 shares of its own common stock at $20 cash per share. Jun. 25 Sold 2,400 shares of the treasury stock at $26 cash per share. Jul. 15 Sold the remaining 1,200 shares of treasury stock at $19 cash per share.
a. Prepare the journal entries for these transactions.
b. Post the journal entries to the related T-accounts.
Prepare Journal Entries
Post Journal Entries
a. Prepare the journal entries for these transactions.
\table[[Date,Account,Debit,Credit],[Jan.15,,,],[,,],[,,],[To record common stock issuance.,,],[Jan.20,,,],[,,],[,,],[To record preferred stock issuance.,,],[Mar.31,v,,],[,,],[To record purchase of treasury stock.,,],[Jun.25,,,],[,,],[,,],[),,],[Jul.15,,,],[,,],[,,],[To record sale of treasury stock.,,]]
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