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On January 1, 2020, Vera Clothing Inc. issued 8,000 shares of common stock, $5 par for $160,000. Related to this issuance, the company incurred legal and accounting fees of $4,000 and administrative fees of $4,000. On June 30, 2020, Vera Clothing Inc. reacquired 800 shares of common stock at $21 per share and immediately retired the shares. Prepare the journal entry required on June 30, 2020. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. June 30, 202 ✓ Cash Equipment Investment in Stock Dividends Payable Property Dividends Payable Preferred Stock Common Stock Common Stock Dividends Distributable O Previo Paid-in Capital in Excess of Par—Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Par—Preferred Stock Paid-in Capital Retired Stock Paid-in Capital-Treasury Stock Retained Earnings Treasury Stock Legal Expense Unrealized Gain or Loss-Income N/A Next >
On January 1, 2020, Vera Clothing Inc. issued 8,000 shares of common stock, $5 par for $160,000. Related to this issuance, the company incurred legal and accounting fees of $4,000 and administrative fees of $4,000. On June 30, 2020, Vera Clothing Inc. reacquired 800 shares of common stock at $21 per share and immediately retired the shares. Prepare the journal entry required on June 30, 2020. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. June 30, 2020 -