Acer Inc. issued 100,000 shares of $0.01 par value common stock for $15 per share on January 1, the day of its initial stock offering. Required a. Record entries for the following subsequent transactions assuming that the company's policy is to directly retire any reacquired shares. • Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero). 1. On March 30, the company reacquires and retires 2,000 shares of common stock at $13.50 per share. Date March 30 Date Aug. 20 Account Name To record the re-purchase and retirement of stock. Date Dec. 1 Account Name To record the re-purchase and retirement of stock. Account Name 2. On August 20, the company reacquires and retires 2,000 shares of common stock at $17.25 per share. V To record issuance of stock. V V V V Dr. Dr. 0 0 0 0 0 0 3. On December 1, the company issues 10,000 shares of common stock at $17.00 per share. Dr. 0 0 0 0 0 0 0 Cr. Cr. 0x 0x 0x 0x Cr. 0x 0x 0x 0x 0x 0x 0x 0x 0x b. Determine the number of shares issued and the number of shares outstanding on the following dates (after transactions have been recorded).

Acer Inc. issued 100,000 shares of $0.01 par value common stock for $15 per share on January 1, the day of its initial stock offering. Required a. Record entries for the following subsequent transactions assuming that the company's policy is to directly retire any reacquired shares. • Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero). 1. On March 30, the company reacquires and retires 2,000 shares of common stock at $13.50 per share. Date March 30 Date Aug. 20 Account Name To record the re-purchase and retirement of stock. Date Dec. 1 Account Name To record the re-purchase and retirement of stock. Account Name 2. On August 20, the company reacquires and retires 2,000 shares of common stock at $17.25 per share. V To record issuance of stock. V V V V Dr. Dr. 0 0 0 0 0 0 3. On December 1, the company issues 10,000 shares of common stock at $17.00 per share. Dr. 0 0 0 0 0 0 0 Cr. Cr. 0x 0x 0x 0x Cr. 0x 0x 0x 0x 0x 0x 0x 0x 0x b. Determine the number of shares issued and the number of shares outstanding on the following dates (after transactions have been recorded).

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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Practice

Acer Inc. issued 100,000 shares of $0.01 par value common stock for $15 per share on January 1, the day of its initial stock offering.
Required
a. Record entries for the following subsequent transactions assuming that the company's policy is to directly retire any reacquired shares.
• Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero).
1. On March 30, the company reacquires and retires 2,000 shares of common stock at $13.50 per share.
Date
March 30
Date
Aug. 20
Account Name
To record the re-purchase and retirement of stock.
Date
Dec. 1
Account Name
To record the re-purchase and retirement of stock.
2. On August 20, the company reacquires and retires 2,000 shares of common stock at $17.25 per share.
Account Name
<<
To record issuance of stock.
> > >
>
Dr.
Dr.
Dr.
0
0
O
0
0
0
3. On December 1, the company issues 10,000 shares of common stock at $17.00 per share.
0
0
0
0
0
0
0
Cr.
Cr.
Cr.
0x
0x
0 x
0x
0x
0x
0x
0 x
0x
0x
0X
0x
0 x
b. Determine the number of shares issued and the number of shares outstanding on the following dates (after transactions have been recorded).

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