On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $28 per share. It sold 4,000 of the treasury shares at $31 pershare on June 10. The remaining 3,000 shares were sold on November 10 for $24 per share.a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank.Apr. 2b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank.June 10Nov. 10

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

Answered: On April 2 a corporation purchased for…

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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vi.3
Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 510 shares of the company's own common stock at $31 cash per share; the stock is now held in treasury. July 15 Issued 155 of the shares purchased on February 1 for $41 cash per share. Sept. 1 Issued 115 more of the shares purchased on February 1 for $26 cash per share. 3. What impact does the purchase of treasury stock have on dividends paid? Dividends paid on treasury stock.Therefore, the total amount of paid is hen treasury stock is purchased.
On March 5, Jerald Corporation purchased 7,000 shares of its own common stock for $56,000. On July 17, Jerald Corporation reissued 900 shares of this treasury stock for $6,300. Prepare the March 5 journal entry and the July 17 entry to record the purchase and reissuance of Jerald's treasury stock. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial 10pt V Ix % 0 as d
On May 27, Kick Off Inc. reacquired 3,000 shares of its common stock at $54 per share. On August 3, Kick Off sold 1,700 of the reacquired shares at $57 per share. November 14, Kick Off sold the remaining shares at $53 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. May 27 Aug. 3 Nov. 14
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Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 79,000 shares of its common stock at $8 per share. On August 3, Buzz Off sold 53,000 of the reacquired shares at $11 per share. On November 14, Buzz Off sold the remaining shares at $6 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Treasury Stock fill in the blank 2 fill in the blank 3 Cash fill in the blank 5 fill in the blank 6 Aug. 3 Cash fill in the blank 8 fill in the blank 9 Treasury Stock fill in the blank 11 fill in the blank 12 Paid-In Capital from Sale of Treasury Stock fill in the blank 14 fill in the blank 15 Nov. 14 Cash fill in the blank 17 fill in the blank 18 Paid-In Capital from Sale of Treasury Stock fill in the blank 20 fill in the blank 21 Treasury Stock fill in the blank 23 fill in the blank 24
Prepare the appropriate general journal entries for the following treasury stock transactions of Aberdeen Inc. Oct. 15 Purchased 7,000 shares of its $15 par common stock for $70,000 and placed the stock in the treasury. Dec. 1 Sold 2,000 shares of the treasury stock for $18,000 cash. Dec. 31 Sold the remaining treasury stock for $56,000 cash.
On May 27, Mama Mia Inc. reacquired 78,000 shares of its common stock at $8 per share. On August 3, Mama Mia sold 53,000 of the reacquired shares at $11 per share. On November 14, Mama Mia sold the remaining shares at $6 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank.
On April 2 a corporation purchased for cash 5,000 shares of its own $13 par common stock at $26 per share. It sold 3,000 of the treasury shares at $29 per share on June 10. The remaining 2000 shares were sold on November 10 for $22 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 fill in the blank a5807602402bfa1_2 fill in the blank a5807602402bfa1_4 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 fill in the blank 2f1ded0c8043f90_2 fill in the blank 2f1ded0c8043f90_3 fill in the blank 2f1ded0c8043f90_5 fill in the blank 2f1ded0c8043f90_6 fill in the blank 2f1ded0c8043f90_8 fill in the blank 2f1ded0c8043f90_9 Nov. 10 fill in the blank 2f1ded0c8043f90_11 fill in the blank 2f1ded0c8043f90_12 fill in the blank 2f1ded0c8043f90_14 fill in the blank 2f1ded0c8043f90_15 fill in the blank…
On May 10, Ayayai Corp. issues 1,000 shares of $4 par value common stock for cash at $11 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 10
Entries for Treasury Stock On May 27, Let Loose Inc. reacquired 78,000 shares of its common stock at $9 per share. On August 3, Let Loose sold 53,000 of the reacquired shares at $12 per share. On November 14, Let Loose sold the remaining shares at $7 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Aug. 3 Nov. 14
A corporation purchases 9,515 shares of its own $10 par common stock for $18 per share, recording it at cost. What will be the effect on total stockholders' equity? a.decrease by $171,270 b.increase by $171,270 c.decrease by $76,120 d.increase by $76,120

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