2. Prontas Inc.has bought back 2,000 of its stock from its shareholders at par value of $5.How will this transaction be recorded in th journal of Prontas Inc.? Treasury Stock Account (Debit) $10,000 Cash Account (Credit) $10,000 Treasury Stock Account (Debit) $10,000 Common Stock ACCount (Credit) $10,000 Cash Account (Debit) $10,000 Treasury Stock Account (Credit) $10,000 O Cash Account (Debit) $10,000 Common Stock Account (Credit) $10,000

2. Prontas Inc.has bought back 2,000 of its stock from its shareholders at par value of $5.How will this transaction be recorded in th journal of Prontas Inc.? Treasury Stock Account (Debit) $10,000 Cash Account (Credit) $10,000 Treasury Stock Account (Debit) $10,000 Common Stock ACCount (Credit) $10,000 Cash Account (Debit) $10,000 Treasury Stock Account (Credit) $10,000 O Cash Account (Debit) $10,000 Common Stock Account (Credit) $10,000

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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5. Magenta Corporation declared $0.70 per share cash dividends on September 18. The dividends were recorded and paid on September 23 and September 29, respectively. Magenta Corporation had 50,000 shares outstanding with par value of $1. The journal entry to record the transaction on September 29 is … a. Cash Dividends $35,000 Dividends Payable $35,000 b. No journal entry required on this date c. Retained Earnings $50,000 Cash Dividends $50,000 d. Dividends Payable $35,000 Cash $35,000
The dates of importance in connection with a cash dividend of $143,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date using the chart of accounts below. If no entry is required, enter "No Entry Required" and leave the amount boxes blank. Cash Cash Dividends Cash Dividends Payable No Entry Required Stock Dividends Stock Dividends Payable Common Stock Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. Date Account Debit Credit Jan. 15 Feb. 15 I For Blank 9 Mar. 15 THIS OUESTION WILL ALSO BE CHECKED MANUALLY (to make adiustments for tvpos).
Required information [The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: a. Purchased $351,100 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,550. c. Paid the dividends in (b). d. Issued 111,000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account. 2. Prepare journal entries to record each of these events. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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The following correctly prepared entries without explanations pertain to Corners Corporation. Event Number 1. 2. Credit 1,100,000 700,000 40,800 Treasury stock. 33,600 Paid-in capital in excess of cost of treasury stock 3,400 The original sale (Entry 1) was for 600,000 shares, and the treasury stock was acquired for $6 per share (Entry 2). 3. Cash Account Title Common stock Paid-in capital in excess of par value. Treasury stock Cash Cash Debit 1,800,000 40,800 37,000 Required a. What was the sales price per share of the original stock issue? b. How many shares of stock did the corporation acquire in Entry 2? c. How many shares were reissued in Entry 3? d. How many shares are outstanding immediately following Entries 2 and 3, respectively?