Answer:
Below are the journal entries for Wildhorse Co. for the current period.
Explanation:
Mar. 2
Debit: Accounts Payable $36,200
Credit: Common Stock at ($7 x 4,400) par $30,800
Credit: Paid in capital in excess of par $5,400
To record payment of bill against issuance of common stock.
June 12
Debit: Cash $528,100
Credit: Common Stock ($7 x 64,300) $450,100
Credit: Paid in capital in excess of par $78,000
To record issuance of common stock.
July 11
Debit: Cash ($140 x 2,500) $350,000
Credit: Preferred Stock ($100 x 2,500) $250,000
Credit: Paid in capital in excess of par $100,000
To record issuance of preferred stock.
Nov. 28
Debit: Treasury Stock $80,000
Credit: Cash $80,000
To record purchase of treasury stock.
