The December 31, 2021shareholder's equity section of Cubix Corp.'s balance sheet is as follows:Cubix Corp.Partial Balance SheetAs of December 31, 2021Shareholders EquityShare CapitalOrdinary Shares (Note1)Share PremiumP600,000375,000P975,000365,00Total Shareholder's Equity P1.340,000Total Share CapitalRetained EarningsNote 1: P4 par value, 200,000 shares authorized, 150,000 shares issued and outstandingThe following transactions took place during January 2022Jan 4Purchased 24,000 shares of its own Cubix' stock for P168,000.Jan. 10Sold 4,000 treasury shares for P9 per share.Jan. 29Sold 14,000 treasury shares for P6 per share.Jan 31Sold the remaining 6,000 treasury shares for P7 per share.Required: Prepare the journal entries

Treasury shares are the shares which are bought back by the company which was previously issued. It…

The following transactions took place during January 2022 Jan 4 Purchased 24,000 shares of its own Cubix' stock for P168,000. Jan 10 Sold 4,000 treasury shares for P9 per share. Jan. 29 Sold 14,000 treasury shares for P6 per share. Jan 31 Sold the remaining 6,000 treasury shares for P7 per share. Required: Prepare the journal entries

The following transactions took place during January 2022 Jan 4 Purchased 24,000 shares of its own Cubix' stock for P168,000. Jan 10 Sold 4,000 treasury shares for P9 per share. Jan. 29 Sold 14,000 treasury shares for P6 per share. Jan 31 Sold the remaining 6,000 treasury shares for P7 per share. Required: Prepare the journal entries

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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