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Prepare Journal Entries for the Following Transactions

question 11

Essay

Prepare journal entries for the following transactions:
a.Issue 15,000 shares, selling price is $45 and par value is $1.
b.Buy back 650 shares of outstanding stock at $48 per share.
c.Sell 500 shares of treasury stock at $50 per share.


Definitions:

Consanguineous Matings

Reproductive relationships between individuals who are closely related genetically, often leading to an increase in the probability of their offspring inheriting genetic disorders.

Autosomal Recessive Alleles

Alleles of a gene located on an autosome that need to be present in two copies (homozygous) in order for a trait or disorder to manifest.

Genetic Screening

A systematic search through a population for individuals with a genotype or karyotype that might cause a serious genetic disease in them or their offspring.

Newborns

Very young babies, often defined as being within the first hours to several weeks of life.

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