Entries for Treasury Stock On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common stock at $8 per share. On August 3, Hydro Clothing sold 54,000 of the reacquired shares at $11 per share. On November 14, Hydro Clothing sold the remaining shares at $7 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. Can you explain how to get the three Aug 3rd numbers in the journal entry?

Q: Account Titles and Explanation Debit Credit Choose a transaction date…

A: Journal entry: Journal entry is a set of economic events which can be measured in financial terms.…

Q: On May 27, Kick Off Inc. reacquired 5,800 shares of its common stock at $48 per share. On August 3,…

A: Gain or loss on sale of Treasury stock is adjusted to Paid-in Capital from sale of Treasury stock

Q: Riverbed Island Corporation began operations on April 1 by issuing 52,300 shares of $5 par value…

A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…

Q: Blossom Company had these transactions during the current period. June 12   Issued 83,500 shares…

A: Date Account Titles and Explanations Debit Credit June 12 Cash  $313,125…

Q: Prior to June 1, Sandler Company had no treasury stock transactions. Then, on June 1, the company…

A: Treasury stock: It refers to the shares that are reacquired by the corporation that are already…

Q: On July 1, Pharoah Company purchases 590 shares of its $5 par value common stock for the treasury at…

A: Treasury Stock - It is reacquired stock which is brought back by the issuing company, reducing the…

Q: On July 1, Sage Hill Inc. purchases 600 shares of its $5 par value common stock for the treasury at…

A: Total cash paid = No. of shares purchases x Price per share = 600*$8 = $4,800

Q: On November 27, the board of directors of Skysong Company declared a $0.50 per share dividend. The…

A: INTRODUCTION: Journal entry is the act of recording transactions in an accounting journal.  An…

Q: Swifty Corporation has 51,000 shares of $10 par value common stock outstanding. It declares a 15%…

A: The dividend is declared to the shareholders from the retained earnings of the business. The stock…

Q: Jan. 10 July 1 Issued 68,000 shares for cash at $6 per share. Issued 42,000 shares for cash at $10…

A: Journal entries refers to the entries which are made at the end of the period or year and it records…

Q: e entries

A: a. Date Account titles and explanation Debit Credit Apr. 2 Treasury stock(7000 * $26) $182,000…

Q: On May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $2)…

A: Given that: Common stock shares issued = 2000 shares Preferred Stock shares = 3000 shares

Q: On May 10, a company issued for cash 1,500 shares of no-par common stock (with a stated value of $5)…

A: Journal entries are the primary reporting of the business transactions in the books of accounts,…

Q: Entries for treasury stock On May 27, Hydro Clothing Inc. reacquired 60,000 shares of its common…

A: The objective of this question is to journalize the transactions related to the treasury stock of…

Q: On January 1, Vermont Corporation had 39,800 shares of $11 par value common stock issued and…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Sheridan Corporation purchased from its stockholders 5,900 shares of its own previously issued stock…

A: When the shares are bought back from the existing shareholders they are referred to as treasury…

Q: On July 1, Blue Spruce Corporation purchases 460 shares of its $5 par value common stock for the…

A: Treasury shares means the share which has been buy back by the company . It will be shown as…

Q: Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Prior to June 1, Sandler Company had no treasury stock transactions. Then, on June 1, the company…

A: Treasury stock is the stock of the entity which is repurchased by it from the market. It is done…

Q: Pro-Builders Corporation has 242,000 shares of $30 par common stock outstanding. On September 2,…

A: INTRODUCTION Dividend is distribution of company’s profit and it is paid in the form of cash or…

Q: On January 31, Wilderness Resorts Inc. reacquired 24,300 shares of its common stock at $31 per…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: Treasury Stock A company purchases 2,500 shares of treasury stock for $5 per share. Required:…

A: Treasury stock: Treasury stock is the company’s its own stock which company purchases from…

Q: Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased…

A: The journal entries are prepared to record the transactions on regular basis. The treasury stock…

Q: On July 1, Martinez Corporation purchases 550 shares of its $5 par value common stock for the…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: During Year 1, Long Beach Corporation completed the treasury stock transactions described below:…

A: Treasury stock refers to that stock which has been repurchased by a company. Note that this stock…

Q: ntries for Treasury Stock On May 27, Let Loose Inc. reacquired 3,800 shares of its common stock at…

A: Treasury stock is the corporation's issued stock that has been bought back from the stockholders. As…

Q: The following selected transactions occurred for Corner Corporation:   Feb. 1   Purchased 420…

A: Journal entries represent the starting point in the accounting cycle, they are used to record every…

Q: pel silaie. OII Aphi 20, Outback Coast Resorts sold 10,600 of eacquired shares at $52 per share. On…

A: The question is based on the concept of Financial Accounting.

Q: Desert Apparel has 6,000 shares of common stock outstanding. On April 1, the company declares a $2…

A: Given, Number of stocks outstanding = 6,000 Dividend declared = $2

Q: Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Grouper Corp, has 7,700 shares of common stock outstanding. It declares a $5 per share cash dividend…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: A Calculator On January 1, Sunshine Corporation had 38,000 shares of $12 par value common stock…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…

Q: On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: cessary journal entries to record any transactions associated with treas Mock 88

A: Treasury stock is the common stock held by the company that is not available to the public. It is…

Q: During the year, the following selected transactions affecting stockholders' equity occurred for…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Entries for Treasury Stock On May 27, Idress Clothing Inc. reacquired 64,000 shares of its common…

A: The objective of the question is to journalize the transactions related to the treasury stock of…

Q: Western Wear Clothing issues 1,300 shares of its $0.01 par value common stock to provide funds for…

A: When shares are issued at a premium  The journal entry will include  Debit to cash/Bank  Credit to…

Q: On January 1, Icecap had 7,900 shares of $2 par common stock issued and outstanding. The following…

A: The dividend is the amount of profit the company distributes to the shareholders of the company. It…

Q: op-Value Corporation has 256,500 shares of $35 par common stock outstanding. On September 2,…

A: Journal: It is the first step of recording financial transactions. It is used to prepare the…

Q: Pro-Builders corporation has 1,500,000 shares par common stock outstanding. On September 2, pro-…

A: Definition: Stock dividends: Stock dividends are the number of shares issued by a company to the…

Q: Sheridan Corporation has 42,500 shares of $10 par value common stock outstanding. It declares a 15%…

A: A Stock Dividend is a corporate action taken by an organization to increase its common stock by…

Q: 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value…

A: Par value of shares = $1  Following transactions incurred:  On Jan 1 - Issued 700 common stock for…

Q: Flint Corporation purchased 2,500 shares of its $10 par value common stock for $167,500 on August 1.…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $28 per…

A: Apr, 2 Treasury Stock $196,000               Cash   $196,000

Q: Complete the necessary journal entry by selecting the account names from the drop-down menus and…

A: Issue of Shares for cash is a one of the source of raising finance for a company. Equity…

Q: On January 1, Vermont Corporation had 49,400 shares of $11 par value common stock issued and…

A: On february 1,vermont purchased treasury stock for $ 24 and on march 1 it sold treasury stock for…