decrease treasury stock with a credit or debit
Homework Answers
Decrease treasury stock means we should debit the treasury stock.
Treasury stock has credit balance.
To increase treasury stock we should credit.
To decrease treasury stock we should debit.
Answer : Debit.
Debit Credit Mar. 4: Issued 20,000 shares of $1 par value common stock at $9 per...
Debit Credit Mar. 4: Issued 20,000 shares of $1 par value common stock at $9 per share. Date Accounts and Explanation Mar. 4 Cash Common Stock-$1 Par Value Paid In Capital in Excess of Par-Common 180,000 20,000 160,000 Issued common stock for cash. May 22: Purchased 1,200 shares of treasury stock-common at $11 per share. Date Accounts and Explanation May 22 Treasury Stock-Common Cash Debit Credit 13,200 13,200 Purchased treasury stock. Credit Sep. 22: Sold 600 shares of treasury stock-common...
Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate...
Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset Debit Liability Debit Credit Stockholders' equity: Common Stock Retained Earnings Dividends Credit Debit Credit Income statement accounts: Revenue Credit Expense Credit Debit
What is a Debit and Credit when applied to financial accounting? O A) Debit indicates decrease...
What is a Debit and Credit when applied to financial accounting? O A) Debit indicates decrease and Credit indicates increase O B) Debit is the right side of a “X” account and Credit is the left side of a “X” account O C) Financial accounting does not have a specific definition for Debit and Credit O D) Debit is the left side of a “T” account and Credit is the right side of a “T” account
Calculator Rules of Debit and Credit The following table summarizes the rules of debit and credit....
Calculator Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset Credit Liability Credit Stockholdersequity: Common Stock Credit Retained Earnings Credit Credit Dividends Debit Credit Income statement accounts: Revenue Credit Expense Credit Debit
The two red x’s Preferred Stock Date E Ref Debit Credit Balance an. 1| Balance Date...
The two red x’s
Preferred Stock Date E Ref Debit Credit Balance an. 1| Balance Date Explanation Ref Debit Credit an. 1 Balance Common Stock Balance V 0 נ 5254001 T1278400 5800 1283200 125300 [ pt. 3 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref Debit Credit Balance an. 1Balance 20900 Paid-in Capital in Excess of Stated Va Stock Balance Date Explanation Ref Debit Credit an. 1 Balance 44620 21600 137800 Feb. 1 pt. 3 Paid-in Capital from...
The account Paid-In Capital from Treasury Stock Transactions has a credit balance of $1,500. The corporation...
The account Paid-In Capital from Treasury Stock Transactions has a credit balance of $1,500. The corporation resells 350 shares of its treasury stock. These shares were acquired for $12.00 per share and sold for $1 00 per share. The entry to record the sale of treasury stock includes a debit to Retained Earnings of $3,850 O True O False
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Prior to June 30, a company has never had any treasury stock transactions. A company repurchased...
Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the reissuance of treasury stock on July 20? Debit Cash $2,300; credit Paid-in Capital, Treasury...
Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to...
Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to describe the journal entry necessary to increase and decrease the account shown to the left, and indicate which side of the account represents its normal balance. Normal Balance Increase Decrease Cash . Accounts payable A Common Stock Retained earnings Fee revenue . - - Wage expense
Prior to September 30, a company has never had any treasury stock transactions. A company repurchased...
Prior to September 30, a company has never had any treasury stock transactions. A company repurchased 1,000 shares of its $2 par common stock on September 30 for $20 per share. On October 2, it reissued 400 of these shares at $21 per share. On October 12, it reissued the remaining 600 shares at $19 per share. The journal entry to record the reissuance of the shares on October 12 would be: a) Debit Cash, $11,400; Credit Treasury Stock, $800;...
Debit Credit Mar. 4: Issued 20,000 shares of $1 par value common stock at $9 per share. Date Accounts and Explanation Mar. 4 Cash Common Stock-$1 Par Value Paid In Capital in Excess of Par-Common 180,000 20,000 160,000 Issued common stock for cash. May 22: Purchased 1,200 shares of treasury stock-common at $11 per share. Date Accounts and Explanation May 22 Treasury Stock-Common Cash Debit Credit 13,200 13,200 Purchased treasury stock. Credit Sep. 22: Sold 600 shares of treasury stock-common...
Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset Debit Liability Debit Credit Stockholders' equity: Common Stock Retained Earnings Dividends Credit Debit Credit Income statement accounts: Revenue Credit Expense Credit Debit
What is a Debit and Credit when applied to financial accounting? O A) Debit indicates decrease and Credit indicates increase O B) Debit is the right side of a “X” account and Credit is the left side of a “X” account O C) Financial accounting does not have a specific definition for Debit and Credit O D) Debit is the left side of a “T” account and Credit is the right side of a “T” account
Calculator Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset Credit Liability Credit Stockholdersequity: Common Stock Credit Retained Earnings Credit Credit Dividends Debit Credit Income statement accounts: Revenue Credit Expense Credit Debit
The two red x’s
Preferred Stock Date E Ref Debit Credit Balance an. 1| Balance Date Explanation Ref Debit Credit an. 1 Balance Common Stock Balance V 0 נ 5254001 T1278400 5800 1283200 125300 [ pt. 3 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref Debit Credit Balance an. 1Balance 20900 Paid-in Capital in Excess of Stated Va Stock Balance Date Explanation Ref Debit Credit an. 1 Balance 44620 21600 137800 Feb. 1 pt. 3 Paid-in Capital from...
The account Paid-In Capital from Treasury Stock Transactions has a credit balance of $1,500. The corporation resells 350 shares of its treasury stock. These shares were acquired for $12.00 per share and sold for $1 00 per share. The entry to record the sale of treasury stock includes a debit to Retained Earnings of $3,850 O True O False
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to describe the journal entry necessary to increase and decrease the account shown to the left, and indicate which side of the account represents its normal balance. Normal Balance Increase Decrease Cash . Accounts payable A Common Stock Retained earnings Fee revenue . - - Wage expense
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