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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

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 sha
DR
CR
CR
.Jun. 12 Reissued 500 shares of common stock at $9 per share:
DR
DR
CR

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 $1 par value common
stock.
NOTE: I know I'm throwing you a bit of a curve on this problem. Please go to Chapter14 on Treasury
Stock (p.875).
Additional Paid-in Capital from
Treasury Stock
Common Stock
Treasury Stock
Additional Paid-in Capital from
Cash
Land
Common Stock
Common Stock Dividend
Retained Earnings
Cash Dividends Payable
Distributable
Additional Paid-in Capital from
Preferred Stock
Equipment
Preferred Stock
In its fifth year, the corporation has the following transactions. Using the accounts listed above,
journalize the transactions.
PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record
accounts in the same order as shown in the textbook. You must enter the account names exactly as
written above and all dollar amounts will be rounded to whole dollars using "$" and commas as needed
(i.e. $12,345).

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Plz solve it’s timed
Subject: acounting