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1. ABC Company has the following balances in its’ equity account as of January 1, 2021: Ordinary shares, P 5 par P 500,000 Share premium – ordinary 2,000,000 Retained earnings 7,000,000 On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April 10, it sold 4,000 of the treasury shares at P14 per share. On July 5, it sold 2,000 shares at P16 per share. Required: a. Determine the number of shares issued and outstanding on: Jan 1 Mar 31 June 30 Sep 30 b. Prepare the journal entries for the above transactions

1. ABC Company has the following balances in its’ equity account as of January 1, 2021: Ordinary shares, P 5 par P 500,000 Share premium – ordinary 2,000,000 Retained earnings 7,000,000 On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April 10, it sold 4,000 of the treasury shares at P14 per share. On July 5, it sold 2,000 shares at P16 per share. Required: a. Determine the number of shares issued and outstanding on: Jan 1 Mar 31 June 30 Sep 30 b. Prepare the journal entries for the above transactions

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. ABC Company has the following balances in its’ equity account as of January 1, 2021: Ordinary shares, P 5 par P 500,000 Share premium – ordinary 2,000,000 Retained earnings 7,000,000 On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April 10, it sold 4,000 of the treasury shares at P14 per share. On July 5, it sold 2,000 shares at P16 per share. Required: a. Determine the number of shares issued and outstanding on: Jan 1 Mar 31 June 30 Sep 30 b. Prepare the journal entries for the above transactions
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