During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 210 shares of the company's common stock at $20 cash per share. b. June 14: Sold 40 of the shares purchased on April 1 for $25 cash per share. c. September 1: Sold 30 of the shares purchased on April 1 for $15 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Answer is not complete. No 1 Date April 01 General Journal Debit Credit Treasury stock Cash 2 June 14 Cash Treasury stock Additional paid-in capital 3 September 01 Cash Additional paid-in capital Treasury stock
During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 210 shares of the company's common stock at $20 cash per share. b. June 14: Sold 40 of the shares purchased on April 1 for $25 cash per share. c. September 1: Sold 30 of the shares purchased on April 1 for $15 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Answer is not complete. No 1 Date April 01 General Journal Debit Credit Treasury stock Cash 2 June 14 Cash Treasury stock Additional paid-in capital 3 September 01 Cash Additional paid-in capital Treasury stock
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishnu
Transcribed Image Text:During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation:
a. April 1: Repurchased 210 shares of the company's common stock at $20 cash per share.
b. June 14: Sold 40 of the shares purchased on April 1 for $25 cash per share.
c. September 1: Sold 30 of the shares purchased on April 1 for $15 cash per share.
Required:
1. Prepare journal entries for each of the above transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Answer is not complete.
No
1
Date
April 01
General Journal
Debit
Credit
Treasury stock
Cash
2
June 14
Cash
Treasury stock
Additional paid-in capital
3
September 01
Cash
Additional paid-in capital
Treasury stock
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