A company has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during Year 1, its first year of operations: January 2 Issues 100,000 shares of common stock for $26 per share. February 6 Issues 2,100 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $31 per share. December 15 Resells 5,500 shares of treasury stock at $36 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answer and Explanation:

The journal entries are shown below:

On Jan 2

Cash (100,000 shares  × $26)$2,600,000  

        To Common Stock  (100,000 shares  × $1)$100,000

        To Paid in capital in excess of par value - Common Stock  $2,500,000

On Feb 6

Cash (2,100 shares × $11)$23,100

         To Preferred stock(2,100 shares × $10)$21,000

         To Paid in capital in excess of par value-preferred stock$2,100

On Sep 10

Treasury Stock (11,000 × $31)$341,000

           To Cash$341,000

(Being the purchase of own common stock is recorded)

On Dec 15

Cash (5,500 shares × $36)$198,000

              To Treasury Stock (5,500 shares × $31)  $170,500

              To Paid in capital from sale of treasury stock  $27,500

(Being the resells of treasury stock is recorded)

i think you have to let the moderators that you want your old account to be activated.

the answer is     d. in our global economy, most job growth will be in services, but manufacturing jobs will exist, too.