Dexter Corporation purchased from its stockholders 4,000 shares of its own previously issued stock for $204,000. It later resold 1,600 shares for $54 per share, then 1,600 more shares for $49 per share, and finally 800 shares for $43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock Title DEBIT CREDIT Treasury Stock 204000 204000 Cash (To record purchase from stockholders.) Cash Treasury Stock (To record sales of shares at $54 per share.) (To record sales of shares at $49 per share.) (To record sales of shares at $43 per share.) III III IIII

Dexter Corporation purchased from its stockholders 4,000 shares of its own previously issued stock for $204,000. It later resold 1,600 shares for $54 per share, then 1,600 more shares for $49 per share, and finally 800 shares for $43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock Title DEBIT CREDIT Treasury Stock 204000 204000 Cash (To record purchase from stockholders.) Cash Treasury Stock (To record sales of shares at $54 per share.) (To record sales of shares at $49 per share.) (To record sales of shares at $43 per share.) III III IIII

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...

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Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
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