Sold 3,100 of its treasury shares at $20 cash per share.Note: Enter debits before credits.DateAug 22Record entryAccount TitleClear entryDebitCreditView general journal Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issuedand outstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equityDuring 2020, the following transactions affected its stockholders' equity accounts.January 2 Purchased 5,000 shares of its own stock at $23 cash per share.January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.February 28 Paid the dividend declared on January 5.July 6 Sold 1,900 of its treasury shares at $27 cash per share.August 22 Sold 3,100 of its treasury shares at $20 cash per share.September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.October 28 Paid the dividend declared on September 5.December 31 Closed the $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings.RequirementGeneralJournalGeneralLedgerView transaction list$ 500,00075,000410,000$985,000Trial BalanceStatement of StockholdersREEquityImpact onEquityDuring the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If nojournal entry is required, select "No journal entry required" in the first input box.

A journal entry is a record of a business's financial transactions kept in its accounting books. An…

Answered: Sold 3,100 of its treasury shares at…

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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15
Journalize all the transactions for the month of June
Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $96,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Oct. 1 Nov. 7 Dec. 15
Journalize Transactions Four transactions that occurred during June are listed below. a. June 1: Issued common stock to several investors for $68,000. b. June 8: Purchased equipment for $12,300 cash. c. June 15: Made cash sales of $21,400 to customers. d. June 29: Paid a $6,800 dividend to stockholders. Required: Prepare journal entries for the transactions. June 1 (Record issuance of common stock) 8. (Record purchase of equipment) 15 (Record cash sale) 29 COnelarodand.naid.canhdisaistondel Check My Work 3 more Check My Work uses remaining All work saved. 00 00
Record all of these transactions in a cash disbursement journal table, such as this one: Date Explanation A/R Sub Account # Cash (debit) Sales Revenue (credit) Account Receivable (credit) Other (credit) Other Account Name Dec 1: Purchased 12,000 shares of treasury stock for $120,000 (Check #500 payable to Tennett Corp). The company expects to reissue these shares at a later date. Dec 1: Lent $50,000 in cash to one of its suppliers (Check #501 payable to Woodson Corp). The supplier signed a 1-year, 12% promissory note with a face value of $50,000. The note’s face value plus interest is due on 12/1/X6 Dec 4: Paid the Nelson Industries invoice for the balance owed. Dec 5: Paid the November utilities bill of $5,500 (this was already recognized as an expense in November). (Check #503 payable to Progress Energy) Dec 11: Paid Centennial, Inc. for the balance…
Stock transactions for Cautious Driving School, Inc. follow: i (Ok the icon to view the transactions.) Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) WIE Mar. 4: Issued 20,000 shares of $1 par value common stock at $15 per share. Date Accounts and Explanation Mar. 4 Debit Credit
Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $26,000 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Cash Dividends Cash Dividends Payable Aug. 31 No Entry Required No Entry Required Oct. 1 Cash Dividends Payable Cash
Stockholders' Equity: Transaction Descriptions from Account Data The following T-accounts contain keyed entries representing five transactions involving the stockholders' equity of Riverview, Inc.: Land (1) 65,000 (2) 54,000 (5) Date 1 2 Cash *1,200 shares of common stock 3 4 10,920 5 18,000 (4) Preferred Stock, $55 Par 55,000 (1) Required Using this information, give detailed descriptions, including number of shares and price per share when applicable, for each of the five transactions. General Journal Paid-in Capital in Excess of Par value-Common Stock 7.000 (3) Paid-in Capital from Treasury Stock 3,120 (5) Common Stock Description Paid-in-Capital in Excess of Par Value - Preferred Stock Issued shares of preferred stock at per share. Issued shares of common stock at par value. Issued shares of common stock in exchange for land. Treasury Stock - Common Purchased shares of treasury stock for per share. Sold shares of treasury stock for per share. ♦ $ + " ÷ + 47 ÷ + (3) 91,000 Debit…
Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $48,200 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Aug. 31 Oct. 1
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XYZ Company sold 4,500 shares of treasury stock (from(c)) at $52 per share. DATE Debit Credit X/X
Tamarisk Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. F-b. 1.2025 July 1 (a) (5) Sharapova Company common stock, $100 par, 200 shares U.S. government bonds, 11%, due April 1, 2035, interest payable April 1 and October 1, 108 bonds of 31000 par cách McGrath Company 12% bonds, par $54,100, dated March 1, 2025, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2045 Your answer is partially correct. Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-line method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Ifna entry is required, select "No Entry for the account titles and enter Ofor the amounts. Round answers to 0 decimal places. 5.19251 Date Account Titles and…

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Sold 3,100 of its treasury shares at $20 cash per share. Note: Enter debits before credits. Date Aug 22 Record entry Account Title Clear entry Debit Credit View general journal