Tamarisk, Inc. is authorized to issue 2,250,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 880,000 shares of stock at $7 per share.
Sept. 5 Purchased 28,000 shares of common stock for the treasury at $8 per share.
Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2021.
Journalize the transactions for Tamarisk, Inc.

Date        Account Titles and Explanation     Debit$       Credit$

Jan.15      Cash (880,000*$7)                        6,160,000

                       Common Stock , $1 Par value        880,000

                       Paid in capital in excess of par value         5,280,000

Sept.5      Treasury Stock                               224,000

                        Cash (28,000*8)                                          224,000

Dec.6       Retained earnings                          440,000

                        Cash Dividend Payable                               440,000

                        (880,000*0.50)

consumer credit. an advantage is that it allows consumers to afford expensive goods and services now, increasing their standard of living. however, a disadvantage is that it creates a trap for debt, if people do not have self control, they may see themselves filing personal bankruptcy.