Blossom Company had these transactions during the current period. Nov. 28 June 1

Question

Blossom Company had these transactions during the current period.

Nov. 28

June 12 Issued 78,000 shares of $1 par value common stock for cash of $292,500. July 11 Issued 2,500 shares of $100 par value preferred stock for cash at $104 per share.

Nov. 28

Purchased 1,000 shares of treasury stock for $7,100. Prepare a tabular summary to record the Blossom Company transactions. (Ifa transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Paid-in-Capital Retained Earnings Cash +Common Stock+ PIC in Excess of Pa +Pref. Stock + + Revenue ExpenseDividend Com. Pref June 22 July 11 Nov. 28

Explanation / Answer

Cash Liabilities Common stock PIC in excess of par Com. Pref. stock PIC in excess of par Pref. Treasury stock Revenue Expenses Dividend 22-Jun 292500 78000 214500 11-Jul 260000 250000 10000 28-Nov -7100 -7100

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