Answered: March 14th, the company purchased 3,000…

March 14th, the company purchased 3,000 common shares back from the market for cash $3 per share. Prepare Journal Entry.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: On November 12, XYZ Corporation declared a total cash dividend of $45,000 for stockholders of record…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: SICO Co. has 8,000 shares Issued and outstanding. The per-share par value is $1.5; book value $40…

A: Stock Dividend - Stock Dividend is the additional common stock issued without any consideration of…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

Q: How to journalize the entry for december 31?

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

Q: Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: During its first year of operations, Skysong Corporation had the following transactions pertaining…

A: Issuance of Common Stock -When the company issues shares to the ordinary shareholders, the amounts…

Q: Journalise ( Provide all working) a.) Jan 13th, issued 15,000 common shares for cash at $8 per…

A: Issuance of common stock and preferred stock are part of the stockholder's equity section. The…

Q: K Eastern Corporation issued 5,000 shares of no-par common stock for $4 per share on December 13.…

A: The capital of any firm is divided into smaller and smaller units known as Shares or Stock. It can…

Q: *I need help on the Dec 31 entire entry (see attached): HW15-01A: On January 23, 15,000 shares of…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in…

A: The stockholders' equity is the net amount in the business that belongs to the shareholders. The…

Q: A company sells 15,000 shares of previously authorized stock at the par value of $20 per share.…

A: Shares are the fractional ownership interests in a corporation. Some businesses employ shares as a…

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Cash received on issue of 75000 shares of Common stock = 75000 ×$15 =$1125000

Q: Prepare the journal entries to record the following transactions, in the books of Holman Dress…

A: Treasury stocks are the stocks that are repurchased by the company from its shareholders. When the…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: Answer a)

Q: Provide the following journal entry: Jan 1. ABC Corp declared a 50 cent dividend to stockholders.…

A: Dividend is declared on face value of shares. Dividend can be recognise as liability when declared.…

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: Jan. 1 Purchased 4,700 shares of Escalante Corporation common stock (5%) for $285,760 cash. July 1…

A: Step 1: preparation of journal entries.Date Account Titles and ExplanationsDebitCreditJan-01Stock…

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: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: Treasury stocks are the stocks which the organization has bought back from the shareholders Under…

Q: Issued 5,000 shares of $1 par common stock for $50,000 cash. Record the transaction. Note: Enter…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: On January 1, Ivanhoe Corporation had 62,000 common shares issued. During the year, the following…

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

Q: Dakota Skye opened Clean 4 U, Inc. on March 1, 2023. During March, the following transactions were…

A: The journal entries are the initial record of the transactions in the books of accounts, the ledger…

Q: 2. The sale of 100 shares of stock for $8,500 by the Sims Corporation is recorded as a credit to…

A: Given that - 100 shares of stocks sold for $8500 journal entry? if the sale is made at a price…

Q: On October 3, Valley Clothing Inc. reacquired 10,000 shares of its common stock at $9 per share. On…

A: Working Notes: Treasury stock=Number of shares×Per share=10,000×$9=$90,000

Q: On March 15, a company declares a quarterly cash dividend of $0080 per share payable on April 13 to…

A: Dividend: Dividend is the distribution of profit by Company to it's shareholder. Dividend is the…

Q: Thomas Company is issuing 4 000 ordinary shares, payable by instalments. Investors must pay $10 per…

A: option c Debit cash, Credit Ordinary Share Capital

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: Treasury stock often referred to as treasury shares as well as reacquired stock, seems to be an…

Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…

A: "Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts…

Q: How I recorded the following transactions in general journal for BM, Inc. Include with a brief…

A: Transaction 1:Cash is a current asset, and it is increased. Therefore, debit cash account for…

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: Treasury Stock: Treasury stocks, which are often referred to as treasury shares, are the part of a…

Q: Please help

A: Cash = Number of shares * Issue price = 2100 * $14 = $29,400 Common stock value = Number of shares *…

Q: The following transactions took place for Solar Company. Nov. 12 Declared total cash dividend…

A: Dividends: Dividends, as discussed above, are the amount paid by the company to its stockholders for…

Q: Prepare journal entries for each of the following transactions

A: 1. When the dividend is declared on shares then its liability needs to be recognized in the books.…

Q: E16-4 Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased…

A: A journal entry is a formal accounting record used in double-entry bookkeeping to capture and…

Q: On February 20, services valued at $60,000 relating to the organization of a corporation were…

A: The journal entries are prepared to record the transactions on regular basis. The cash received in…

Q: "reparing Entry to Issue Common Stock with Stock On January 1, Vera Clothing Inc. issued 5,000…

A: The journal entries are prepared to record the transactions on regular basis. The shares issued at…

Q: Company purchased 5,000 of its own shares at $50 per share.

A: The total amount of shares to be purchased =$50*5000 =250000.

Q: Seaside Amusements Corporation had the following stockholders' equity on November 30: (Click the…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: Prepare the journal entries to record the following transactions, in the books of Holman Dress…

A: Common stock represents the amount of capital owned by the equity shareholders of the company. The…

Q: ystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: The treasury stock decreases the total stockholders' equity. The treasury stock decreases the number…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: a) Journalize the transactions: Date Accounts title and explanation Debit ($) Credit ($)…

Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…

Q: On March 1, Newt Corp. had 60,000 shares of common stock authorized and 20,000 shares of $2 par…

A: Dividends are paid on shares outstanding. Dividends = 20,000 shares x $0.40 Dividends = $8,000

Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.

A: Lets understand the basics. For recording financial event and transaction, journal entry is required…

Question

March 14^th, the company purchased 3,000 common shares back from the market for cash $3 per share.

Prepare Journal Entry.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Instructions On January 31, Wilderness Resorts Inc. reacquired 23,900 shares of its common stock at $31 per share. On April 20, Wilderness Resorts sold 14,000 of the reacquired shares at $40 per share. On October 4, Wilderness Resorts sold the remaining shares at $29 per share. Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording of account titles. Journal JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT 1 2 B DATE AS
have finished the journal entries still need T-accounts and balance sheet
Please do not give solution in image format ?
XYZ Company has 100,000 shares of stock outstanding. On January 1, 200X XYZ Company declared a cash dividend of .50 per share to be paid on January 31. On January 1 XYZ Company will make the following journal entry: Credit cash $50,000and debit dividends declared $50,000. Debit dividends declared $50,000 and credit dividends payable $50,000. No entry is made until January 31. Debit cash $50,000 and credit dividends payable $50,000.
A company had 125.000 shares of commaon stock outstanding on January 1 and then sold 35,000 additionsl shares on March 30. Net income for the year was $594.750. What are eamings per share? Select one O a S0.01. O S4.58. O c. 54.73. Od. $3.03.
answer in text form please (without image), Note: .Every entry should have narration please
please answer do not image format
On April 2 a corporation purchased for cash 5,000 shares of its own $15 par common stock at $26 a share. It sold 3,000 of the treasury shares at $29 a share on June 10. The remaining 2,000 shares were sold on November 10 for $22 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 Nov. 10 M Y ▼ ♥
Hh1.
On July 3, the Southside Company declared a cash dividend of $0.75 per share. There are 45,000 shares outstanding. What is the journal entry that should be recorded?
How to journal: Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission.
a. Journalize the following transactions: i. January 10. Received cash from three incorporators for 75,000 shares of common stock, $375,000.00. R1-3. ii. iii. iv. V. vi. vii. viii. ix. January 10. Paid cash to Aaron Lovell as a reimbursement for organization costs, $10,000. C1. Value of Preferred Stock January 10. Received a subscription from Amory Lin for 10,000 shares of common stock, $50,000.00. M1. Total Amount of Dividends January 15. Received cash for the face value of a 5-year, 10%, $1,000.00 par value bond issue, $50,000.00. R11. January 25. Received a subscription from Peter Lavine for 8,000 shares of common stock, $40,000.00. M2. February 14. Received cash from Amory Lin in partial payment of stock subscription, $25,000. R4. March 15. Paid cash to Peter Lavine for 500 shares of common stock at $10.00 per share. C112. March 20. Received cash from Amory Lin in final payment of stock subscription, $25,000.00. R5. b. At the end of the year, Al-Can Products, Inc. had issued…