Splish Brothers Inc. purchased from its stockholders 5,400 shares of its own previously issued stock for $270,000. It later resold 1,725 shares for $53 per share, then 1,725 more shares for $48 per share, and finally 1,950 shares for $42 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock.

Q: Account Titles and Explanation Debit Credit Choose a transaction date…

A: Journal entry: Journal entry is a set of economic events which can be measured in financial terms.…

Q: On January 23, 16,000 shares of Tolle Company are acquired at a price of $24 per share plus a $160…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On May 3, Zirbal Corporation purchased 7,000 shares of its own stock for $49,000 cash. On November…

A: recording of journal entry of above transaction are as follows

Q: Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The Sneed Corporation issues 10,900 shares of $49 par preferred stock for cash at $63 per share. The…

A: Share capital: It refers to the cap[ital raised by the company by issuing common stock or preferred…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

Q: On September 1, 1,500 shares of M Company stock are acquired at a price of $24 per share plus a $40…

A: Definition: Dividends: This is the amount of cash distributed to stockholders by a company out its…

Q: Splish Brothers Inc. purchased from its stockholders 6,000 shares of its own previously issued stock…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000…

A: Given, Par value = $100 Issue price = $1,000 Number of shares issued = 10

Q: Dexter Corporation purchased from its stockholders 4,000 shares of its own previously issued stock…

A: >Treasury stock are the shares that have been purchased by the original issuing company from its…

Q: On 2/1, Curly's Hair Supply purchased 11,000 shares of treasury stock at $4 per share. On 11/1,…

A: Treasury stock is stock repurchased by the issuer and intended for retirement or resale to the…

Q: Emma Consulting had previously purchased 2,439 shares of treasury stock for $8 per share.  Emma then…

A: Solution: Cost of treasury stock sold = 935*$8 = $7,480

Q: Centex, Inc. issued 47,000 shares of its $1 par value common stock for $30 per share. The journal…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Q: Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1,…

A: ISSUANCE OF COMMON STOCK    Most of Companies Issued Common Stock to Generate fund for their…

Q: On April 2, 20x5, Jedi Nights, Inc., a hotel under the management of Skywalker Enterprises purchased…

A: Treasury stock means the stock in which the company purchases its own stock from the market. The…

Q: On September 12, 2,600 shares of Aspen Company are acquired at a price of $48.00 per share plus a…

A: 1. CALCULATION FOR PURCHASE OF INVESTMENT : = (2,600 X $48) + $130  = $124,930   2. CALCULATION OF…

Q: Llewelyn Company purchased 3,600 shares of its own $8 par value common stock when the market price…

A: To create a journal entry, you enter transaction details into ones company's books. Your journal…

Q: Sheridan Corporation purchased from its stockholders 5,900 shares of its own previously issued stock…

A: When the shares are bought back from the existing shareholders they are referred to as treasury…

Q: On July 1, Blue Spruce Corporation purchases 460 shares of its $5 par value common stock for the…

A: Treasury shares means the share which has been buy back by the company . It will be shown as…

Q: Nash Group, Inc. issued 1,000 shares of $10 par common stock in Year 1 for $20 per share. Nash paid…

A: Treasury shares means the share which has been buy back by the company . It will be shown as…

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total deividend received = No. of shares x Dividend per share = 6,000 shares x $0.42 per share =…

Q: On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: On January 1, Sweeney Corporation had 40,000 shares of $10 par value common stock issued and…

A: We have the following information: On January 1, Sweeney Corporation had 40,000 shares of $10 par…

Q: ntries for Treasury Stock On May 27, Let Loose Inc. reacquired 3,800 shares of its common stock at…

A: Treasury stock is the corporation's issued stock that has been bought back from the stockholders. As…

Q: Elroy Corporation repurchased 2,100 shares of its own stock for $55 per share. The stock has a par…

A: The treasury stock includes the own shares of the company repurchased from the sharesholders. The…

Q: On May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $49,500 cash. On November…

A: Journal Entry :— It is act of recording transaction in books of account when transaction occurred.…

Q: Kettle Inc. was organized on January 2, Year 1, with 6,000,000 authorized and outstanding shares of…

A: The treasury stock includes the own shares of the company. The treasury stock has the debit balance.…

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total amount paid = (No. of shares x Price per share) + Brokerage fee = (6,000 shares  x $22 per…

Q: To expand operations, Aragon Consulting issued 1,550 shares of previously unissued common stock with…

A: The objective of the question is to understand the accounting entries for the issuance of common…

Q: Torres Inc. issues 40,000 shares of its $0.05 par value common stock for $70 per share. The journal…

A: To record issue of shares at a value more than par value, common stock will be credited by par value…

Q: Prepare the issuer's journal entry for each of the following separate transactions.   On March 1,…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: january 1 , lime manufacturing corporation purchased 185000 shares of its own reviously issued $5…

A: Treasury stock are the number of outstanding shares which has been repurchased by company it's own.…

Q: Foley Co. bought 50 shares of its stock for $8 per share to be held as Treasury Stock. Record this…

A: The treasury stock are the purchase of its own shares from the market.

Q: On March 5, Jerald Corporation purchased 7,000 shares of its own common stock for $56,000. On July…

A: An audit trail that may be examined during internal or external audits is created when treasury…

Q: On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145…

A: Given that: Number of shares acquired = 15000 Price per share = $25 per share Brokerage Commission =…

Q: Prepare the Journal entries needed for the following transactions occurring during 2003 for…

A: Treasury stock is the term used to describe shares of a corporation's own stock that have been…

Q: On May 3, Zirbal Corporation purchased 6,000 shares of its own stock for $66,000 cash. On November…

A: Treasury stock refers to shares of a company's own stock that it has repurchased from the open…

Q: On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Liberward, Inc., sold and issued 1,000 shares for $15 per share. The book value of the shares was…

A: Shares are a mean of raising capital from the shareholders. Shares can be ordinary shares or…

Q: On February 14, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On…

A: Treasury stock is the reacquired shares by the company. The company has the right to reissue these…

Q: n January 1, Vermont Corporation had 41,000 shares of $12 par value common stock issued and…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $28 per…

A: Apr, 2 Treasury Stock $196,000               Cash   $196,000

Q: Prepare the appropriate general journal entries for the following treasury stock transactions of…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: Complete the necessary journal entry by selecting the account names from the drop-down menus and…

A: Issue of Shares for cash is a one of the source of raising finance for a company. Equity…

Q: Surfer Girl Clothing Company issues 1,000 shares of $1 par value common stock at $25 per share.…

A: When a company purchases its own stock, it is referred to as treasury stock. This repurchase can…