A company reported the following stockholders' equity on January 1 of the current year: Common stock-$10 par value, 1,000,000 shares authorized; 260,000 shares issued $ 2,600,000 1,270,000 1,685,000 $5,555,000 Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Prepare journal entries for the following selected transactions. March 1 Purchased 11,000 shares of its own stock for $21 cash per share. May 5 Sold 5,000 shares of its treasury stock for $21 cash per share. October 12 Sold 3,000 shares of its treasury stock for $22 cash per share.
A company reported the following stockholders' equity on January 1 of the current year: Common stock-$10 par value, 1,000,000 shares authorized; 260,000 shares issued $ 2,600,000 1,270,000 1,685,000 $5,555,000 Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Prepare journal entries for the following selected transactions. March 1 Purchased 11,000 shares of its own stock for $21 cash per share. May 5 Sold 5,000 shares of its treasury stock for $21 cash per share. October 12 Sold 3,000 shares of its treasury stock for $22 cash per share.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...
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Prepare Journal Entires: A company reported the following
![A company reported the following stockholders' equity on January 1 of the current year:
Common stock-$10 par value, 1,000,000 shares authorized;
260,000 shares issued
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
Prepare journal entries for the following selected transactions.
March 1 Purchased 11,000 shares of its own stock for $21 cash per share.
May 5
Sold 5,000 shares of its treasury stock for $21 cash per share.
October 12 Sold 3,000 shares of its treasury stock for $22 cash per share.
View transaction list
1
2
Purchased 11,000 shares of its own stock for $21 cash
per share.
Sold 5,000 shares of its treasury stock for $21 cash per
share.
3 Sold 3,000 shares of its treasury stock for $22 cash per
share.
$ 2,600,000
1,270,000
1,685,000
$ 5,555,000
X
Credit
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F30f2ef89-ce64-4161-b7cf-3fd72303d16e%2F45ed3bf7-046b-474a-a745-9ef015292860%2Fv5ed5tn_processed.png&w=3840&q=75)
Transcribed Image Text:A company reported the following stockholders' equity on January 1 of the current year:
Common stock-$10 par value, 1,000,000 shares authorized;
260,000 shares issued
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
Prepare journal entries for the following selected transactions.
March 1 Purchased 11,000 shares of its own stock for $21 cash per share.
May 5
Sold 5,000 shares of its treasury stock for $21 cash per share.
October 12 Sold 3,000 shares of its treasury stock for $22 cash per share.
View transaction list
1
2
Purchased 11,000 shares of its own stock for $21 cash
per share.
Sold 5,000 shares of its treasury stock for $21 cash per
share.
3 Sold 3,000 shares of its treasury stock for $22 cash per
share.
$ 2,600,000
1,270,000
1,685,000
$ 5,555,000
X
Credit
>
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