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) Paid-in Capital in Excess of Par value-Common Stock 7.000 (3) Paid-in Capital from Treasury Stock 3.120 (5) 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 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. Purchased shares of treasury stock for per share. Treasury Stock-Common Sold shares of treasury stock for per share. ● # # ● 0 • ● S (3) Debit 91,000 Paid-in Capital in Excess of Par value-Preferred Stock 10,000 (1) $ Common Stock, $12 Par 54,000 (2) 84,000 (3) Credit Treasury Stock 18,000* 7,800 (5)
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) Paid-in Capital in Excess of Par value-Common Stock 7.000 (3) Paid-in Capital from Treasury Stock 3.120 (5) 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 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. Purchased shares of treasury stock for per share. Treasury Stock-Common Sold shares of treasury stock for per share. ● # # ● 0 • ● S (3) Debit 91,000 Paid-in Capital in Excess of Par value-Preferred Stock 10,000 (1) $ Common Stock, $12 Par 54,000 (2) 84,000 (3) Credit Treasury Stock 18,000* 7,800 (5)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Paid-in Capital in Excess of Par
value-Preferred Stock
10,000 (1)
$
Common Stock, $12 Par
54,000 (2)
84,000 (3)
Credit
Treasury Stock
18,000* 7,800 (5)
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