At the start of 20X5, Happy Corp. had 20,000 shares of $5 par common stock issued and outstanding. All 20,000 shares had been issued in the prior year for $20 per share. On February 1, 20X5, Happy repurchased 6,000 shares of its own stock for $12 per share. It plans to reissue these shares at a future time. Question: What journal entry should Happy make to record the February 1, 20X5 transaction? Answer: It should debit for $ and credit for $

At the start of 20X5, Happy Corp. had 20,000 shares of $5 par common stock issued and outstanding. All 20,000 shares had been issued in the prior year for $20 per share. On February 1, 20X5, Happy repurchased 6,000 shares of its own stock for $12 per share. It plans to reissue these shares at a future time. Question: What journal entry should Happy make to record the February 1, 20X5 transaction? Answer: It should debit for $ and credit for $

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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On January 1, Vermont Corporation had 49,400 shares of $11 par value common stock issued and outstanding. All 49,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 910 shares of treasury stock for $24 per share and later sold the treasury shares for $19 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a debit to a loss account for $1,820. credit to a gain account for $1,820. credit to Treasury Stock for $21,840. debit to Treasury Stock for $21,840. MacBook Pro
On January 1, 2020, Blossom Corporation had 106,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock. The stock has a stated value of$5per share. During the year, the following occurred. Apr.1 issued 10,000 additional shares of common stock for$16per share. June 15 Declared a cash dividend of$1per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Purchased 1,800 additional shares of common stock for$15per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.30 per share to stockholders of record on December 31. (a) Prepare the entries, if any, on each of the three dividend dates (Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select 'No Entry' for the account titles and enter 0 for the amounts, List all debit entries before credit entries.
During its first year of operations, Cupola Fan Corporation issued 36,000 of $1 par Class B shares for $415,000 on June 30, 2024. Share issue costs were $2,100. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $42,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.60 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Oriole Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 430,000 shares of stock at $6 per share. Sept. 5 Purchased 34,000 shares of treasury stock at $8 per share. Journalize the transactions for Oriole Corporation. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Cash Common Stock Pald-In Capltal In Excess of Stated Value-Common Stock >