Fagan Co. had these transactions during the current period.

Fagan Co. had these transactions during the current period.

June 12		Issued 84,100 shares of $1 par value common stock for cash of $315,375.
July 11		Issued 3,310 shares of $102 par value preferred stock for cash at $106 per share.
Nov. 28		Purchased 3,120 shares of treasury stock for $8,650.

Prepare the journal entries for the Fagan Co. transactions shown above. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
June 12 July 11 Nov. 28
June 12 July 11 Nov. 28
June 12 July 11 Nov. 28

This information relates to Sherper Co. 1. On April 5 purchased merchandise from Newport Company for $22,000, terms 2/10, n/10.

This information relates to Sherper Co. 1. On April 5 purchased merchandise from Newport Company for $22,000, terms 2/10, n/10. 2. On April 6 paid freight costs of $900 on merchandise purchased from Newport. 3. On April 7 purchased equipment on account for $26,000. 4. On April 8 returned some of April 5 merchandise to Newport Company which cost $2,000. 5. On April 15 paid the amount due to Newport Company in full.

(a) Your answer is correct. Prepare the journal entries to record the transactions listed above on the books of Sherper Co. Sherper Co. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) April 5 (2) April 6 (3) April 7 (4) April 8 (5) April 15 Attempts: 1 of 1 used

(b) Your answer is correct. Assume that Sherper Co. paid the balance due to Newport Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 4