Mar. 1 - Purchased 1,000 shares of its own common stock at $11 per share:DRCRApr. 10 - Reissued 500 shares of its common stock held in the treasury for $15 per shaDRCRCR.Jun. 12 Reissued 500 shares of common stock at $9 per share:DRDRCR EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of$50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value commonstock.NOTE: I know I'm throwing you a bit of a curve on this problem. Please go to Chapter14 on TreasuryStock (p.875).Additional Paid-in Capital fromTreasury StockCommon StockTreasury StockAdditional Paid-in Capital fromCashLandCommon StockCommon Stock DividendRetained EarningsCash Dividends PayableDistributableAdditional Paid-in Capital fromPreferred StockEquipmentPreferred StockIn its fifth year, the corporation has the following transactions. Using the accounts listed above,journalize the transactions.PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to recordaccounts in the same order as shown in the textbook. You must enter the account names exactly aswritten above and all dollar amounts will be rounded to whole dollars using "$" and commas as needed(i.e. $12,345).

Solution: When company buy its own stock, it will be debited to treasury stock and same is reported…

Mar. 1 - Purchased 1,000 shares of its own common stock at $11 per share: DR CR Apr. 10 - Reissued 500 shares of its common stock held in the treasury for $15 per DR CR CR Jun. 12 - Reissued 500 shares of common stock at $9 per share:

Mar. 1 - Purchased 1,000 shares of its own common stock at $11 per share: DR CR Apr. 10 - Reissued 500 shares of its common stock held in the treasury for $15 per DR CR CR Jun. 12 - Reissued 500 shares of common stock at $9 per share:

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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What are the answerr for questions number 14-16?
Prepaid journal entries to record following transactions: Jan 10-issued shares of 10$ par common stock at 56$ for cash jan 22 issued 1400 shares of 10$ par common stock in exchange for equipment with a fair market price of 21000$ april 1 purchased 100 shares of treasury stocks at 25$ june 8 sold the 100 shares of treasury stock purchases April 1 at 30$
1.) issues 48,000 additional shares of one dollar par value common stock for $45 per share 2.) re-purchases 4300 shares of treasury stock for $48 per share 3.) declares a cash dividend of $1.15 per share to all stockholders of record on June 15 (hint: dividends are not paid on treasury stock. ) 4.) pays the cash dividends declared on June 1. 5.) re-issues 2150 shares of treasury stock purchased on May 10 for $53 per share
Foley Co. issued 800 shares of $1 par of Common Stock for $10,000. Record this transaction
Apr. 16 Purchased 6,000 shares of Kohler Co. stock at $29 per share. July 7 Purchased 4,500 shares of JCW Co. stock at $54 per share. 20 Purchased 2,000 shares of Ontario Co. stock at $21 per share. Aug. 15 Received an $1.40 per share cash dividend on the Kohler Co. stock. 28 Sold 3,600 shares of Kohler Co. stock at $32 per share. oct. 1 Received a $5.00 per share cash dividend on the JCW Co. shares. Dec. 15 Received a $1.70 per 31 Received a $4.40 per General Journal Requirement share cash dividend on the remaining Kohler Co. shares. share cash dividend on the JCW Co. shares. General Ledger Trial Balance Fair Value Adj For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Apr. 16) Purchased 6,000 shares of…
D. February 2 Issue 1.5 million shares of common stock for $15 per share. February 4 Issue 400,000 shares of preferred stock for $24 per share. June 15 Purchase 150,000 shares of its own common stock for $10 per share. August 15 Resell 112,500 shares of treasury stock for $25 per share. November 1 Declare a cash dividend on its common stock of $1.50 per share and a $400,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list ces Journal entry worksheet 1 Record the issuance of 1.50 million shares of common stock for $15 per share. Note: Enter debits before credits. Date General Journal Debit Credit February 02, 2021
2 Issue 120,000 shares of common stock for $50 per share. January February 14 Issue 40,000 shares of preferred stock for $13 per share. May May December 1 Declare a cash dividend on its common stock of $0.25 per share and a $16,000 (4% of par value) cash 8 Purchase 12,000 shares of its own common stock for $40 per share. 31 Resell 6,000 shares of treasury stock for $45 per share. dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $470,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity
Treasury StockPomona Corporation issued 60,000 shares of $3 par value common stock at $21 per share and 9,000 shares of $30 par value, ten percent preferred stock at $85 per share. Later, the company purchased 2,000 shares of its own common stock at $23 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares.b. Assume that Pomona sold 1,500 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock.c. Assume that Pomona sold the remaining 500 shares of treasury stock at $20 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref. Description Debit Credit a. Answer Answer Answer Common stock Answer Answer Answer Answer Answer Issued shares of common stock. Answer Answer Answer 10% Preferred stock Answer Answer Answer Answer Answer Issued shares of preferred stock. Answer Answer…
Subject: acounting