Ordinary shares, P10 par, authorized 300,000 shares; 250,000 shares issued and outstanding 2,500,000 Share premium - issuance Retained Earnngs 3,500,000 1,740,000 On June 1, 2018, Oman reacquires 40,000 ordinary shares at P40. The following transactions occurred in 2018 with regard to these shares July 1 Sold 15,000 shares at P48 Aug 1 Sold 19,000 shares at P27 Sep 1 Retired 1,000 shares The following entries were made by the company's accountant to record the preceding transactions: 2018 June 1 Treasury shares 1.600,000 Cash 1.600,000 July 1 Cash 720,000 Treesury shares 720,000 Aug-01 Cash 513.000 Treasury shares 513,000 Sep-01 Ordinary shares 10,000 Treasury shares 10,000 Based on the preceding information, determine the correct balances of the following accounts:

Ordinary shares, P10 par, authorized 300,000 shares; 250,000 shares issued and outstanding 2,500,000 Share premium - issuance Retained Earnngs 3,500,000 1,740,000 On June 1, 2018, Oman reacquires 40,000 ordinary shares at P40. The following transactions occurred in 2018 with regard to these shares July 1 Sold 15,000 shares at P48 Aug 1 Sold 19,000 shares at P27 Sep 1 Retired 1,000 shares The following entries were made by the company's accountant to record the preceding transactions: 2018 June 1 Treasury shares 1.600,000 Cash 1.600,000 July 1 Cash 720,000 Treesury shares 720,000 Aug-01 Cash 513.000 Treasury shares 513,000 Sep-01 Ordinary shares 10,000 Treasury shares 10,000 Based on the preceding information, determine the correct balances of the following accounts:

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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Subject : Accounting
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