please dont cut off answers and use exact titles     Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 19,100 shares of its common stock at $20 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,000 of the reacquired shares were sold at $21. Required:   a. Journalize the transactions of January 31, June 14, and November 23. 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. c. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? b. What is the balance in Treasury Stock on December 31 of the current year? d. How will the balance in Treasury Stock be reported on the balance sheet? CHART OF ACCOUNTS   Yard Spray Inc.   General Ledger         ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment   LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable   EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 350 Stock Dividends Distributable 351 Cash Dividends 352 Stock Dividends   REVENUE 410 Sales 610 Interest Revenue   EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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please dont cut off answers and use exact titles  

 

Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 19,100 shares of its common stock at $20 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,000 of the reacquired shares were sold at $21.

Required:

 

a.

Journalize the transactions of January 31, June 14, and November 23. 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.

c.

What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?

b.

What is the balance in Treasury Stock on December 31 of the current year?

d.

How will the balance in Treasury Stock be reported on the balance sheet?

CHART OF ACCOUNTS

 

Yard Spray Inc.

 

General Ledger

 

 

 

 

ASSETS

110

Cash

120

Accounts Receivable

131

Notes Receivable

132

Interest Receivable

141

Merchandise Inventory

145

Office Supplies

151

Prepaid Insurance

181

Land

193

Equipment

194

Accumulated Depreciation-Equipment

 

LIABILITIES

210

Accounts Payable

221

Notes Payable

226

Interest Payable

231

Cash Dividends Payable

241

Salaries Payable

261

Mortgage Note Payable

 

EQUITY

311

Common Stock

312

Paid-In Capital in Excess of Par-Common Stock

315

Treasury Stock

321

Preferred Stock

322

Paid-In Capital in Excess of Par-Preferred Stock

331

Paid-In Capital from Sale of Treasury Stock

340

Retained Earnings

350

Stock Dividends Distributable

351

Cash Dividends

352

Stock Dividends

 

REVENUE

410

Sales

610

Interest Revenue

 

EXPENSES

510

Cost of Merchandise Sold

515

Credit Card Expense

520

Salaries Expense

531

Advertising Expense

532

Delivery Expense

533

Selling Expenses

534

Rent Expense

535

Insurance Expense

536

Office Supplies Expense

537

Organizational Expenses

562

Depreciation Expense-Equipment

590

Miscellaneous Expense

710

Interest Expense

Final Questions
tith
he
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
AC
TS
c. What is the balance in Treasury Stock on December 31 of the current year?
d. How will the balance in Treasury Stock be reported on the balance sheet?
7.
8
Transcribed Image Text:Final Questions tith he b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? AC TS c. What is the balance in Treasury Stock on December 31 of the current year? d. How will the balance in Treasury Stock be reported on the balance sheet? 7. 8
Journal
a. Journalize the transactions of January 31, June 14, and November 23. 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.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
3.
4.
I.
5n
Transcribed Image Text:Journal a. Journalize the transactions of January 31, June 14, and November 23. 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. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 3. 4. I. 5n
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