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Required information PA11-1(Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial...

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Accounting

Required information
PA11-1(Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial
Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2]
[The following information applies to the questions displayed below.]
Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par
value. During the first year, the company earned $360,000 of net income and declared no dividends; the following
selected transactions occurred in the order given:
a. Issued 120,000 shares of the common stock at $51 cash per share.
b. Reacquired 21,000 shares at $46 cash per share.
c. Reissued 8,000 shares from treasury for $47 per share.
d. Reissued 8,000 shares from treasury for $45 per share.
PA11-1(Algo) Part 1
Required:
Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and
Stockholders' Equity with a minus sign.)
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