Question

Oriole Ltd. had the following share transactions during its first year of operations:

Jan.		6		Issued 212,000 common shares for $1.50 per share.
Jan.		12		Issued 53,000 common shares for $1.75 per share.
Mar.		17		Issued 1,100 preferred shares for $105 per share.
July		18		Issued 1,060,000 common shares for $2 per share.
Nov.		17		Reacquired 212,000 common shares for $1.95 per share.
Dec.		30		Reacquired 159,000 common shares for $1.80 per share.

(a)

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average per share to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 6Jan. 12Mar. 17July 18Nov. 17Dec. 30
	(Issued common shares for cash.)
Jan. 6Jan. 12Mar. 17July 18Nov. 17Dec. 30
	(Issued common shares for cash.)
Jan. 6Jan. 12Mar. 17July 18Nov. 17Dec. 30
	(Issued preferred shares for cash.)
Jan. 6Jan. 12Mar. 17July 18Nov. 17Dec. 30
	(Issued common shares for cash.)
Nov. 17
	(To record reacquisition of common shares.)
Jan. 6Jan. 12Mar. 17July 18Nov. 17Dec. 30
	(To record reacquisition of common shares.)

Answer 1

(a)

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average per share to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 6	Cash (212000*1.5)	318000
	Common Stock		318000
	(Issued common shares for cash.)
Jan. 12	Cash (53000*1.75)	92750
	Common Stock		92750
	(Issued common shares for cash.)
Mar. 17	Cash (1100*105)	115500
	Preferred share		115500
	(Issued preferred shares for cash.)
July 18	Cash (1060000*2)	2120000
	Preferred shares		2120000
	(Issued common shares for cash.)
Nov. 17	Treasury Stock (212000*1.95)	413400
	Cash		413400
	(To record reacquisition of common shares.)
Dec 30	Treasury Stock (159000*1.8)	286200
	Cash		286200
	(To record reacquisition of common shares.)