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Journalize the transactions for Bennett Corporation

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$15.99

Journalize the transactions for Bennett Corporation 1 Bennett Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2008, the company has the following stock transactions. Jan. 15 Issued 500,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Instructions Journalize the transactions for Bennett Corporation. 2 An inexperienced accountant for Duran Corporation made the following entries. July 1 Cash…………………………………………………………………………. 170,000 Common Stock…………………………………………………… 170,000 (Issued 20,000 shares of common stock, par value $6 per share) Sept. 1 Common Stock…………………………………………………………… 36,000 Retained Earnings………………………………………………………. 24,000 Cash …………………………………………………………………. 60,000 (Purchased 4,000 shares issued on July 1 for the treasury at $15 per share) Instructions On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

Journalize the transactions for Bennett Corporation

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