Vaughn Corporation sold 390 shares of treasury stock for $55 per share. The cost for the shares was $45. The entry to record the salewill include aO credit to Treasury Stock for $21450.O credit to Paid-in Capital from Treasury Stock for $3900.O debit to Paid-in Capital in Excess of Par for $3900.O credit to Gain on Sale of Treasury Stock for $17550.

A journal entry is a formal accounting record used to capture and record financial transactions in a…

Answered: Vaughn Corporation sold 390 shares of…

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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The Sneed Corporation issues 12,700 shares of $46 par preferred stock for cash at $63 per share. The entry to record the transaction will consist of a debit to Cash for $800,100 and a credit or credits to: a.Preferred Stock for $584,200 and Retained Earnings for $215,900. b.Preferred stock for $584,200 and Paid-in Capital in Excess of Par Value−Preferred Stock for $215,900. c.Preferred Stock for $800,100. d.Paid-in Capital from Preferred Stock for $800,100.
An investor purchased 500 shares of common stock, $25 par, for $21,750. Subsequently, 100 shares were sold for $49.50 per share. What is the amount of gain or loss on the sale?
please prepare the journal entries Q1. Sold 22,500 Treasury shares at $2 each. Q2. Purchased 10% shareholding in Charlie Limited, a supplier, as a long-term investment. The fair value of the 10% shareholding was $2,900,000 as at 1 March. The purchase consideration included a $2,700,000 note receivable due from Charlie Limited and the related interest receivable balance of $144,000, $140,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at $120,000. ( for depreciation details, refer to Q1 of additional information.) Q3. A 10% share dividend was declared when the market value per share was $2.1. Q4. Paid cash to acquired 30,000 shares of its own at $2.3 each. ITI intends to keep the shares for several months for management bonus.
Riverbed Inc's $10 par value common stock is actively traded at a market price of $16 per share. Riverbed issues 6,000 shares to purchase land advertised for sale at $77,500. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
A corporation purchases 1,000 shares of its own common stock for $4,000 on February 13. On April 13, half of the treasury stock was sold for $3,000. On April 26, the other half of the treasury stock was sold for $1,800. The entry to record the April 26 sale would include a a.credit to Cash for $1,800. b.debit to Paid-In Capital from Sale of Treasury Stock for $200. c.debit to Treasury Stock for $2,000. d.credit to Paid-In Capital from Sale of Treasury Stock for $1,200.
Sheridan Corp. issues 5200 shares of $10 par value common stock at $16 per share. When the transaction is recorded, credits are made to Common Stock $52000 and Paid-in Capital in Excess of Par $31200. O Common Stock $52000 and Paid-in Capital in Excess of Stated Value $31200. O Common Stock $52000 and Retained Earnings $31200. O Common Stock $83200.
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Swifty Inc's $10 par value common stock is actively traded at a market price of $15 per share. Swifty issues 6,300 shares to purchase land advertised for sale at $79,000. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash Common Stock Paid-in Capital in Excess of Par-Common Stock
D Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of G common stock (4%) for $6,000 cash, plus brokerage fees of $400. July 1 Received cash dividends of $2 per share on Goetz common stock. Sept. 1 Sold 300 shares of G common stock for $4,600, less brokerage fees of $100. Dec. 1 Received cash dividends of $1 per share on G common stock. Instructions: Journalize the transactions.
Prepare journal entries for Eddington Corp. for the following transactions: 5/25/23: Purchased 3,000 shares of Vistavia Corp. common stock at $30 per share plus $2,700 in brokerage fees. 9/23/23: Sold 500 shares of Vistavia Corp. common stock at $28 per share.
Nexis Corp. issues 1,180 shares of $9 par value common stock at $17 per share. When the transaction is recorded, credits are made to a. Common Stock, $9,440 and Paid-In Capital in Excess of Stated Value, $10,620. Ob. Common Stock, $20,060. Oc. Common Stock, $9,440 and Retained Earnings, $10,620. Od. Common Stock, $10,620, and Paid-In Capital in Excess of Par-Common Stock, $9,440.
Sandhill Storage Products purchased 11600 shares of its own $0.75 par value common stock at a cost of $8 per share. The stock was originally issued at $7 per share. Which of the following is part of the journal entry to record the purchase? Credit Common Stock for $92800. O Debit Treasury Stock for $8700. Debit Treasury Stock for $92800. O Credit Common Stock for $8700.

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