cop Prior to June 30, a company has never had any treasury stock transactions. The company repurchased185 shares of its $1 par common stock on June 30 for $42 per share. On July 20, it reissued 90 of theseshares at $46 per share. On August 1, it reissued 70 of the shares at $40 per share. What is the journalentry necessary to record the reissuance of treasury stock on July 20?O Debit Cash $4,140; credit Treasury Stock $4.140.Debit Common Stock $4,140; credit Treasury Stock $3,780; credit Paid-In Capital, Treasury Stock $360.Debit Cash $4,140; credit Paid-in Capital, Treasury Stock $360: credit Treasury Stock $3,780.O Debit Common Stock $70; debit Treasury Stock $4,070: credit Cash $4.140.O Debit Common Stock $4,140; credit Cash $4,140.

The treasury stock is the repurchased shares of a company from its existing stockholders. This…

Answered: Prior to June 30, a company has never…

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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Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the balance in the Treasury Stock account on August 2? O $2,600 Credit. O $1,200 Debit. O $5,050 Debit. O $1,200 Credit. O $100 Credit.
Prior to June 30, a company has never had any treasury stock transactions. The company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the repurchase of stock on June 30? Mutiple Choice Debit Common Stock $4,000; credit Cash $4,000. Debit Common Stock $100; debit Treasury Stock $3,900; credit Cash $4,000. Debit Treasury Stock $3,900; debit Paid-in Capital, Treasury Stock $100; credit Cash $4,000. Debit Treasury Stock, Common $4,000; credit Cash $4,000. Debit Cash $4,000; credit Treasury Stock $4,000.
Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the balance in the Treasury Stock account on August 2? O $2,600 O $1.200 O $2,000 O $5,050 79°F Rain to
Prior to May 1, Fortune Company has never had any treasury stock transactions. The company repurchased 230 shares of its common stock on May 1 for $11,500. On July 1, it reissued 115 of these shares at $53 per share. On August 1, it reissued the remaining treasury shares at $48 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2? Multiple Choice O O $11,615. $6,095. $15,410. $115. $0.
Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 300 shares of its common stock on May 1 for $15,000. On July 1, it reissued 150 of these shares at $52 per share. On August 1, it reissued the remaining treasury shares at $49 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2? a) $15,150.b) $7,800.c) $30,300.d) $150.e) $0.
On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per share.Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. what is the date ? What is the title and explation? What is debit or credit ?
On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share.Journalize the issuance of the stock what is the date ? what is the title and explantion ? Is it debit or credit ?
On June 10, Starbar Corp. repurchased 1,000 shares of its outstanding common stock for $10 per share. Starbar Corp. then reissued 500 of those shares for $11 per share on July 1. The required journal for July 1 includes what debit(s) and credit(s)? Assume no treasury stock transactions.
Flint Corporation purchased 2,500 shares of its $10 par value common stock for $167,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,500 shares of treasury stock for cash at $75 per share. Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation eTextbook and Media Debit Credit
During its first year of operations, Blue Spruce Corp. had these transactions pertaining to its common stock. Jan. 10 Issued 27,300 shares for cash at $4 per share. July 1 Issued 61,500 shares for cash at $7 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $4 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $3 per share.
During its first year of operations, Culver Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 26,800 shares for cash at $4 per share. July 1 Issued 59,000 shares for cash at $7 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $4 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (Record journal entries in the order presented in the problem. 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.) No. Date Account Titles and Explanation Debit Credit (a) (b) >
During its first year of operations, Ayayai Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 68,000 shares for cash at $6 per share. July 1 Issued 42,000 shares for cash at $10 per share. (a) (b) Your answer is partially correct. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 10 July 1 v Account Titles and Explanation Debit Credit

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