On January 1, 2021, the stockholders' equity section of Seef Inc. was as follows: Common stock ($10 par value) $400.000, paidan tcontributed) capitan excess of par value $200,000; and retained earnings $150,000. During the year, the following treasury stock trannactions occurred. March 6: Purchased 5,0o0 shares for cash at $14 per share. April 25: Sold 2,000 treasury shares for cash at $15 per share. June 25: Sold 3,000 treasury shares for cash at $11 per share Required: Prepare journal entries to record the above treasury stock transactions CLEARLY INDICATE THE DEBITS& CREDITS Example: XYZ Company pays $10,000 cash to purchase land Answer: Dr. Land 10,000 10.000
On January 1, 2021, the stockholders' equity section of Seef Inc. was as follows: Common stock ($10 par value) $400.000, paidan tcontributed) capitan excess of par value $200,000; and retained earnings $150,000. During the year, the following treasury stock trannactions occurred. March 6: Purchased 5,0o0 shares for cash at $14 per share. April 25: Sold 2,000 treasury shares for cash at $15 per share. June 25: Sold 3,000 treasury shares for cash at $11 per share Required: Prepare journal entries to record the above treasury stock transactions CLEARLY INDICATE THE DEBITS& CREDITS Example: XYZ Company pays $10,000 cash to purchase land Answer: Dr. Land 10,000 10.000
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 84PSA: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...
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