How does an Air-Thru stock work?

Stock Entries Home Work Help?

• Instructions Crowns Company uses the chart of accounts shown below. Use the numbers preceding each account title to create journal entries for each situation. Account titles may be used more than once, or not at all, and journal entries may have two, three, or more lines. Item 0 is provided as an example. Account Titles 1. Cash 2. Accounts Receivable 3. Sales 4. Dividends Payable 5. Preferred Stock 6. Common Stock 7. Common Stock Dividend Distributable 8. Paid-in Capital in Excess of Par—Preferred 9. Paid-in Capital in Excess of Par—Common 10. Treasury Stock 11. Retained Earnings Situation Debit Credit Amount 0. Crowns sold merchandise for $1,500, receiving 1 $ 300 $300 in cash with the balance on account. 2 1,200 3 1,500 1. Crowns issued 30,000 shares of $5 par value common stock for $14 per share. 2. Crowns declared a $3 cash dividend per share to common stockholders. 3. Crowns declared a 10% common stock dividend when the market price of the stock was $15 per share. 4. Crowns purchased 2,000 shares of common stock for the treasury at $17 per share.

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