On January 31, Outback Coast Resorts Inc. reacquired 18,700 shares of its common stock at $45 per share. On April 20, Outback Coast Resorts sold10,600 of the reacquired shares at $52 per share. On October 4, Outback Coast Resorts sold the remaining shares at $37 per share.Required:Journalize the transactions of January 31, April 20, and October 4. Refer to the chart of accounts for the exact wording of the account titles.CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals willautomatically indent a credit entry when a credit amount is entered. 22, 6:05 PMASSETSCHART OF ACCOUNTSOutback Coast Resorts Inc.General Ledger110 Cash120 Accounts Receivable131 Notes Receivable132 Interest Receivable141 Merchandise Inventory145 Office Supplies151 Prepaid Insurance181 Land193 Equipment194 Accumulated Depreciation-EquipmentLIABILITIES210 Accounts Payable221 Notes Payable226 Interest Payable231 Cash Dividends Payable236 Stock Dividends Distributable241 Salaries Payable261 Mortgage Note PayableEQUITY311 Common Stock312 Paid-In Capital in Excess of Par-Common Stock315 Treasury Stock321 Preferred Stock322 Paid-In Capital in Excess of Par-Preferred Stock331 Paid-In Capital from Sale of Treasury Stock340 Retained Earnings351 Cash Dividends352 Stock DividendsREVENUE410 Sales610 Interest RevenueEXPENSES510 Cost of Merchandise Sold515 Credit Card Expense520 Salaries Expense531 Advertising Expense532 Delivery Expense533 Selling Expenses534 Rent Expense535 Insurance Expense536 Office Supplies Expense537 Organizational Expenses562 Depreciation Expense-Equipment590 Miscellaneous Expense710 Interest ExpenseCengag

Treasury stocks are reacquired shares by the company and it can be reissued further at higher than…

On January 31, Outback Coast Resorts Inc. reacquired 18,700 shares of its common stock at $45 per share. On April 20, Outback Coast Resorts sold 10,600 of the reacquired shares at $52 per share. On October 4, Outback Coast Resorts sold the remaining shares at $37 per share. Required: Journalize the transactions of January 31, April 20, and October 4. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

On January 31, Outback Coast Resorts Inc. reacquired 18,700 shares of its common stock at $45 per share. On April 20, Outback Coast Resorts sold 10,600 of the reacquired shares at $52 per share. On October 4, Outback Coast Resorts sold the remaining shares at $37 per share. Required: Journalize the transactions of January 31, April 20, and October 4. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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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