InstructionsJournalPrepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Refer to the Chart of AccountsWhen required, round your answers to the nearest dollar.123567DATEDESCRIPTIONJOURNALPOST. REF.DEBITCREDIT InstructionsOn January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145brokerage commission. On April 12, a $0.30-per-share dividend was received on the Tolle Company stock.On June 10, 6,200 shares of the Tolle Company stock were sold for $34 per share less a $130 brokeragecommission.Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method.Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers tothe nearest dollar.

Introduction: A journal entry is used to disclose a business deal in a company's accounting records.…

Answered: On January 23, 15,000 shares of Tolle…

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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On January 2, Cohan Company acquired 42% of the outstanding stock of Sanger Company for $552,500. For the year ended December 31, Sanger Company earned income of $135,100 and paid dividends of $20,700. Prepare the entries for Cohan Company for the purchase of the stock, the share of Sanger income, and the dividends received from Sanger Company. Refer to the Chart of Accounts for exact wording of account titles.
On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending December 31, McGuire earned income of $48,000 and paid dividends of $14,000. Required: Journalize the entries for Todd Company for the purchase of the stock, share of McGuire Company income, and dividends received from McGuire Company. If an amount box does not require an entry, leave it blank. Jan. 2 Dec. 31 Dec. 31 0000 ☐☐☐☐☐☐
On February 22, Stewart Corporation acquired 7,500 shares of the 265,000 outstanding shares of Edwards Co. common stock at $39.85 plus commission charges of $1,125. On June 1, a cash dividend of S0.85 per share was received. On November 12, 2,500 shares were sold at $48 less commission charges of $300. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. a. Using the cost method, journalize the entry for the purchase of stock. Feb. 22 Investments-Edwards Co. Stock Cash
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On May 3, Zirbal Corporation purchased 8,500 shares of its own stock for $93,500 cash. On November 4, Zirbal reissued 1,750 sha of this treasury stock for $21,000. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet < 1 2 Record the purchase of 8,500 shares of its own stock for $93,500 cash. Note: Enter debits before credits. Date May 03 Record entry General Journal Clear entry Debit Credit View general journal
s
On May 3, Zirbal Corporation purchased 7,500 shares of its own stock for $67,500 cash. On November 4, Zirbal reissued 1,650 shares of this treasury stock for $16,500. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet 1 2 Record the purchase of 7,500 shares of its own stock for $67,500 cash. Note: Enter debits before credits. Date May 03 General Journal Debit Credit <
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 ▼ ♥
How to journal: Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission.
On July 9, you purchased 1,500 shares of Blue Water stock for $32 a share. On August 4, you sold 200 shares of this stock for $33 a share. You sold an additional 150 shares on August 12 at a price of $34.50 a share. The company declared a dividend of $1.30 per share on August 3 to holders of record as of Monday, August 19. This dividend is payable on September 15. How much dividend income will you receive on September 15? Group of answer choices $260 $455 $1.950 $1,495 $1,690
Dec 1: ABC Inc. repurchased 15,000 shares of stock when the market price was $1 per share. Dec 5: ABC Inc. resold 4,000 shares of the reacquired stock when the market price was $1.50 per share. Dec 23: ABC Inc. resold 5,000 shares of the reacquired stock when the market price was $0.25 per share. Prepare any necessary journal entries.

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