Homework Answers
Solution
| Date | General Journal | Debit | Credit |
| Apr-01 | Treasury stock | $ 8,400.00 | |
| Cash | $ 8,400.00 | ||
| (To record purchase of treasury stock) | |||
| Jun-14 | Cash | $ 3,190.00 | |
| Treasury stock | $ 2,640.00 | ||
| Paid in capital-Treasury stock | $ 550.00 | ||
| (To record sale of treasury stock) | |||
| Sep-01 | Cash | $ 1,900.00 | |
| Paid in capital-Treasury stock | $ 500.00 | ||
| Treasury stock | $ 2,400.00 | ||
| (To record sale of treasury stock) |
Gain on sale of treasury stock is not transferred to income statement rather it is transferred to Paid in capital-Treasury stock account. This amount is used when there is any loss on sale of treasury stock in the future.
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E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 During the year the following selected transac...
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E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 During the year the following selected transactions...
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During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. Apr....
During the year the following selected transactions affecting
stockholders' equity occurred for Orlando Corporation:
a.
Apr.
1
Repurchased 310 shares of the company's own common stock at $24
cash per share.
b.
Jun.
14
Sold 110 of the shares purchased on April 1 for $29 cash per
share.
c.
Sept.
1
Sold 100 of the shares purchased on April 1 for $19 cash per
share.
Required:
1. Prepare journal entries for each of the
above transactions. (If no entry is...
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb....
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 Repurchased 360 shares of the company's own common stock at $25 cash per share. b. Jul. 15 Sold 120 of the shares purchased on February 1 for $26 cash per share. c. Sept. 1 Sold 90 of the shares purchased on February 1 for $24 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. (If no...
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E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: 1 Repurchased 350 shares of the company's own common stock at $25 cash per share. Sold 110 of the shares purchased on April 1 for $30 cash per share. Sold 100 of the shares purchased on April 1 for $20 cash per share. Apr а. b. Jun. 14 с. Sept. 1 Required: 1. Prepare journal entries for...
During the year the following selected transactions affecting
stockholders' equity occurred for Orlando Corporation:
a.
Apr.
1
Repurchased 310 shares of the company's own common stock at $24
cash per share.
b.
Jun.
14
Sold 110 of the shares purchased on April 1 for $29 cash per
share.
c.
Sept.
1
Sold 100 of the shares purchased on April 1 for $19 cash per
share.
Required:
1. Prepare journal entries for each of the
above transactions. (If no entry is...
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 Repurchased 360 shares of the company's own common stock at $25 cash per share. b. Jul. 15 Sold 120 of the shares purchased on February 1 for $26 cash per share. c. Sept. 1 Sold 90 of the shares purchased on February 1 for $24 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. (If no...
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Required Information The following Infarmation applies to the questions dlspleyed below] The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 578 shares of the company's on comon stock at $37 cash per share; the stock is now held in treasury July 15 Issuad i8s of the shares purchased an February 1 for $47 cash per share. Sept. 1 Issued 145 mare of the shares purchased on February 1 for $32 cash per share. 2 Prepare journal entries for...
In 2018, Western Transport Company entered into the treasury stock transactions described below. In 2016, Western Transport had issued 170 million shares of its $1 par common stock at $16 per share. Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1. On January 23, 2018, Western...
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