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Required: 1. Provide all 20X5 entries. (Do not round intermediate calculations and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Required: 1. Provide all 20X5 entries. (Do not round intermediate calculations and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

FINANCIAL ACCOUNTING
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 1 January 20X1, Grey Corp. issued 394,000 no-par common shares at $4.95 per share. In 20X5, there were treasury stock transactions. On 15 January 20X5, the company purchased 4,200 of its own common shares at $4.90 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were resold at $6.40. On 15 March, 500 shares were purchased for $3.32. On 31 March, 850 of the treasury shares were sold for $3.65. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $981,500 prior to these transactions. Required: 1. Provide all 20X5 entries. (Do not round intermediate calculations and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) < 1 Date 15 January 2 Note: Enter debits before credits. ✔VSUMI WIN7 1 Record purchase of 4,200 common shares as treasury stock at $4.90 per share. Date 1 March REVIRIY 2 3 Date 15 March 2 Note: Enter debits before credits. REVERVOV 3 3 4 Record sale of 750 shares of treasury stock at $6.40 per share. Note: Enter debits before credits. General Journal 4 5 4 5 5 General Journal Debit Record purchase of 500 common shares of treasury stock at $3.32 per share. General Journal Debit Credit Credit Debit Credit >
Transcribed Image Text:On 1 January 20X1, Grey Corp. issued 394,000 no-par common shares at $4.95 per share. In 20X5, there were treasury stock transactions. On 15 January 20X5, the company purchased 4,200 of its own common shares at $4.90 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were resold at $6.40. On 15 March, 500 shares were purchased for $3.32. On 31 March, 850 of the treasury shares were sold for $3.65. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $981,500 prior to these transactions. Required: 1. Provide all 20X5 entries. (Do not round intermediate calculations and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) < 1 Date 15 January 2 Note: Enter debits before credits. ✔VSUMI WIN7 1 Record purchase of 4,200 common shares as treasury stock at $4.90 per share. Date 1 March REVIRIY 2 3 Date 15 March 2 Note: Enter debits before credits. REVERVOV 3 3 4 Record sale of 750 shares of treasury stock at $6.40 per share. Note: Enter debits before credits. General Journal 4 5 4 5 5 General Journal Debit Record purchase of 500 common shares of treasury stock at $3.32 per share. General Journal Debit Credit Credit Debit Credit >
1 Date 31 March 1 2 Note: Enter debits before credits. Record sale of 850 shares of treasury stock at $3.65 per share. 3 Date 1 June 2 3 Note: Enter debits before credits. 4 Account balances: Common shares issued and outstanding Contributed capital, treasury stock Contributed capital, share retirement Retained earnings 5 General Journal 4 Record retirement of remaining shares. 5 General Journal Shares Debit Credit 2. Calculate the resulting balance in each of the shareholders' equity accounts. (Do not round intermediate calculations and round your final answers to the nearest whole dollar.) Amount Debit Credit
Transcribed Image Text:1 Date 31 March 1 2 Note: Enter debits before credits. Record sale of 850 shares of treasury stock at $3.65 per share. 3 Date 1 June 2 3 Note: Enter debits before credits. 4 Account balances: Common shares issued and outstanding Contributed capital, treasury stock Contributed capital, share retirement Retained earnings 5 General Journal 4 Record retirement of remaining shares. 5 General Journal Shares Debit Credit 2. Calculate the resulting balance in each of the shareholders' equity accounts. (Do not round intermediate calculations and round your final answers to the nearest whole dollar.) Amount Debit Credit
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