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School
University of Texas, Dallas *
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Course
2301
Subject
Finance
Date
Nov 24, 2024
Type
png
Pages
1
Uploaded by Alex2122
Hey
Dude
Clothing
Company
issues
1,000
shares
of
$1
par
value
common
stock
at
$32
per
share.
Later
in
the
year,
the
company
decides
to
purchase
100
shares
at
a
cost
of
$35
per
share.
Record
the
purchase
of
treasury
stock.
(If
no
entry
is
required
for
a
particular
transaction/event,
select
"No
Journal
Entry
Required"
in
the
first
account
field.)
No
Transaction
General
Journal
Debit
Credit
3,500
&
1
1
Treasury
Stock
Cash
o0
3,500
&
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Required information
Use the following information for Exercises 4-5 below. (Algo)
[The following information applies to the questions displayed below.]
Following are the issuances of stock transactions.
1. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash.
2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $33,500. The stock has a $3 per share stated value.
3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $33,500. The stock has no stated value.
4. A corporation issued 500 shares of $50 par value preferred stock for $58,500 cash.
Exercise 11-4 (Algo) Recording stock issuances LO P1
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Journal entry worksheet
Li
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Account Titles and Explanation
Debit
Credit
enter an account title
enter a debit amount
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Treasury Stock
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2. How will this transaction affect net income? If there is no effect, choose "No effect" and enter zero ("0").
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Required information
Knowledge Check 01
During Year 1, Long Beach Corporation completed the treasury stock transactions described below:
Jan. 2 Reacquired l,000 shares at $10 per share
Feb. 2 Sold 400 shares at $12 per share
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Journal entry worksheet
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6.
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Recommended textbooks for you
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Century 21 Accounting Multicolumn Journal
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ISBN:9781337679503
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