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inexperienced accountant for Olsen Corporation


inexperienced accountant for Olsen Corporation An inexperienced accountant for Olsen Corporation made the following entries. July 1 Cash 240,000 Common Stock 240,000 (Issued 15,000 shares of no-par common stock, stated value $10 per share) Sept. 1 Common Stock 32,000 Retained Earnings 4,000 Cash 36,000 (Purchased 2,000 shares issued on July 1 for the treasury at $18 per share) Dec. 1 Cash 20,000 Common Stock 16,000 Gain on Sale of Stock 4,000 (Sold 1,000 shares of the treasury stock at $20 per share) Instructions (a) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Omit explanations.) (b) Prepare the correcting entries that should be made to correct the accounts of Olsen Corporation. (Do not reverse the original entry.) Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help


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