On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…

A: Given: Cash issued for share = $ 210,000 Par value = $ 30 Common stock = $ 34 Cost of preferred…

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: Whispering Winds Corporation purchased 3,800 shares of its $ 10 par value common stock for $250,800…

A: Cash paid on purchase = $250, 800

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

A: When treasury stock are purchased, the treasury stock is debited at the purchase price and cash…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

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

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par…

A: The firm can raise the amount through different modes some of them are, by issuing common stock, by…

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: The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share.…

A: Paid in capital in excess of par = (Issue price per share - Face value per share) x No. of shares =…

Q: S. Lamar performed legal services for E. Garr. Due to a cash shortage, an agreement was reached…

A: Common stock is always credited for the amount of par value. So the value of common stock is 3,000 x…

Q: Tamarisk, Inc. had the following transactions during the current period. Mar. 2 Issued 4,900…

A: Journal entries are used to record various transactions which was performed by the business during…

Q: (A) BBS corporation had the following transactions during the current period. March 2 - Issued 5,000…

A: Solutions: Transaction General Journal Debit Credit 02-Mar Organization expense 53000…

Q: Tamarisk, Inc. had the following transactions during the current period. Issued 4,900 shares of $5…

A: Treasury Stock:  Treasury Stock is the term that is used to describe shares of a company’s own stock…

Q: On January 31, Outback Coast Resorts Inc. reacquired 18,700 shares of its common stock at $45 per…

A: Treasury stocks are reacquired shares by the company and it can be reissued further at higher than…

Q: Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: The companies issue the securities to receive capital for the company. The securities can be common…

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: On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November…

A:

Q: On January 31, Wilderness Resorts Inc. reacquired 24,300 shares of its common stock at $31 per…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: Treasury stocks are the stocks which the organization has bought back from the shareholders  Under…

Q: On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per…

A: Paid in capital in excess of stated value = (Par value per share - Stated value per share) x No. of…

Q: Prepare the necessary journal entry for each of the following transactions for Nadim Corporation.…

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

Q: On Sept. 1, Paddington, Inc., issued 1,000 shares of $10 stated value common stock for cash of $10…

A: Introduction: A journal records all of a company's financial activities as well as the accounts that…

Q: Martinez Corporation purchased from its stockholders 6,500 shares of its own previously issued stock…

A: Treasury stock is those shares which are repurchased by the company from the open market.

Q: On July 1, Marin Inc. purchases 510 shares of its $5 par value common stock for the treasury at a…

A: Solution:- Preparation of journal entry as follows under:-

Q: On May 3, Zirbal Corporation purchased 5,000 shares of its own stock for $45,000 cash. On November…

A:

Q: Can you help me to record journal entries for both of these events? On July 6, Nikosha's…

A: The answer is as fallows

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: Cullumber Company had these transactions during the current period. June 12 Issued 80,500 shares of…

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

Q: On July 1, Metlock, Inc. purchases 570 shares of its $5 par value common stock for the treasury at a…

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

Q: Hao Corporation had the following transactions during the current period. Mar. 2   Issued 37,000…

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

Q: On July 1, Blue Spruce Corp. purchases 550 shares of its $5 par value common stock for the treasury…

A: Cost of treasury stock = 550 shares*$9 Cost of treasury stock = $4,950   Cash received on sale of…

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: JOURNAL ENTRIES : DATE PARTICULARS DEBIT CREDIT         FEB 11 TREASURY STOCK  $321,900…

Q: Rodriguez Corporation issues 16,000 shares of its common stock for $42,300 cash on February 20.…

A: Journal entries are those which are recorded in the books in order to maintain a daily record of the…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: In this numerical has covered the concept of Treasury Stock. Treasury Stock is also known as…

Q: Sunland Company had these transactions during the current period. June 12   Issued 83,500 shares…

A: The issuance of common stock will increase the cash balance and the common stock along with the…

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

A: For running any business or company , we need to have long term sources of funds so that business…

Q: The following selected transactions occurred for Corner Corporation:  Feb. 1   Purchased 450…

A: Treasury stock:Shares which are purchased back by the company and held in treasury is referred to as…

Q: On July 1, Pina Colada Corp. purchases 610 shares of its $5 par value common stock for the treasury…

A:

Q: On January 31, Outback Coast Resorts Inc. reacquired 23,900 shares of its common stock at $31 per…

A: Required Journal Entries are as follows:

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 320,000 shares of no-par…

A:

Q: Concord Co. had the following transactions during the current period. Issued 4,200 shares of $5 par…

A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: On April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 62…

A: Dividend: dividend alludes to an award, cash, or something else, that an organization provides for…

Q: Rodriguez Corporation issues 12,000 shares of its common stock for $236,000 cash on February 20.…

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

Q: On March 1, Year 1, Chase Inc. purchases 35% of the outstanding shares of Glory Corporation stock…

A: Given: Chase Inc purchased 35% of Glory Corporation for $325,000 Net income = $162,000 Dividend =…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 74,600 shares of $10 par…

A: A. Record journal entries for October 31 and November 19 as shown below:

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 240,000 shares of no-par…

A: Cash received on issue of Common stock = 240,000*$12 per share = $2,880,000 Cash received on issue…

Q: Please show all work and answers: 1. On January 1st, ZYX company purchased 1,000 shares of its…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…

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

Q: Metlock, Inc. had the following transactions during the current period. Mar. 2   Issued 4,200…

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

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.