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Issuing and Repurchasing Stock Redbird, Inc., had the following transactions related to its common and...

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Accounting

Issuing and Repurchasing Stock

Redbird, Inc., had the following transactions related to its common and preferred stock:

March 22 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share.
November 9 Repurchased 3,080 shares of the common stock at $20 per share.

Required:

Prepare the journal entries for these transactions. If an amount box does not require an entry, leave it blank.

Mar. 22 Accounts PayableAdditional Paid-In Capital-Common StockCashPreferred StockTreasury StockCash
Accounts ReceivableCashCommon StockRetained EarningsTreasury StockCommon Stock
Accounts PayableAdditional Paid-In Capital-Common StockAdditional Paid-In Capital-Treasury StockCashRetained EarningsAdditional Paid-In Capital-Common Stock
Accounts PayableAccounts ReceivableCashPreferred StockRetained EarningsPreferred Stock
Accounts PayableAccounts ReceivableAdditional Paid-In Capital-Preferred StockCashRetained EarningsAdditional Paid-In Capital-Preferred Stock
Nov. 9 Accounts PayableAccounts ReceivableCashPreferred StockTreasury StockTreasury Stock
Accounts PayableAccounts ReceivableCashRetained EarningsTreasury StockCash

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