Answered: Journalize

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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Question

Panelo, Inc. has the following stock outstanding on Dec. 31, 2010:
Ordinary Shares P 100 par 100 000 shares authorized 45 000 shares issued And outstanding 4,500,000
Share premium 3,600,000
The following are transaction that took place in 2011:
Mar. 10 panelo purchased 1000 shares for 195 per share.
June 19 panelo sold 600 of the shares purchased on Mar 10 for 210 per share.
Oct. 2 panelo sold the 200 shares purchased on Mar. 10 for 190 per share.
Oct 15 panelo retired the remaining 200 shares
Required :
Journalize the above transactions

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