On July 1, Raney Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 300 shares of the treasury stock for cash at $11 per share. Journalize the two treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

Q: Pronghorn Corp has 8,300 shares of common stock outstanding. It declares a $3 per share cash…

A: Cash dividend for the journal entries will be $24,900 (8300 shares * $3)

Q: Kingbird, Inc. issues 9,700 shares of $102 par value preferred stock for cash at $110 per share.…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

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 November 27, the board of directors of Marin Company declared a $0.40 per share dividend. The…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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

A: Treasury stock: Treasury stock is the shares that are bought back by the company itself. A company…

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: On May 1, Splish Brothers Corporation purchased 3.200 shares of its $10 par value common stock at a…

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

Q: On July 1, Sage Hill Inc. purchases 600 shares of its $5 par value common stock for the treasury at…

A: Total cash paid = No. of shares purchases x Price per share = 600*$8 = $4,800

Q: Oriole Corporation has 74.000 shares of common stock outstanding It declares a $2 per share cash…

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

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: Kingbird, Inc. issues 8,600 shares of $106 par value preferred stock for cash at $112 per share.…

A: Cash received will be = 8600*112 =$963,200 Preferred stock will be = 8600*106 = $911,600 Paid in…

Q: Sealand Company has 90,000 common shares outstanding. Because it wants to retain its cash for other…

A: Number of shares outstanding = 90,000 Current market value of 1 common stock = $22 Stock dividend…

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 May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share…

A: Date  Account titles and explanation  Debit in $  Credit in $  May, 20  Dividend's…

Q: Larkspur, Inc. has 6,700 shares of common stock outstanding. It declares a $2 per share cash…

A: Dividend declared and paid: The majority of dividends are cash dividends, which are distributions…

Q: On June 1, Marin Inc. issues 3,400 shares of no-par common stock at a cash price of $9 per share.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On June 1, Pronghorn Inc. issues 3,200 shares of no-par common stock at a cash price of $8 per…

A: Being to record issue of common stock

Q: On May 1, Splish Brothers Corporation purchased 2,700 shares of its $10 par value common stock at a…

A: journal entry of above transaction are as follows

Q: On May 10, Martinez Corp. issues 1,800 shares of $4 par value common stock for cash at $15 per…

A: The details regarding transaction is given. Required  Journal Entry.

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: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…

A: Dividends declared = Number of shares Outstanding ×Cash dividend per share  = 74000×$2 =$148,000

Q: Windsor, Inc. issues 9,600 shares of $102 par value preferred stock for cash at $115 per…

A: Preferred stock:The stock that provides a fixed amount of return (dividend) to its stockholder…

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: Larkspur, Inc. has 6,700 shares of common stock outstanding. It declares a $2 per share cash…

A: First, compute the cash dividends as shown below: Cash dividends = 6,700*$2 Cash dividends = $13,400…

Q: On July 1, Larkspur, Inc. purchases 560 shares of its $5 par value common stock for the treasury at…

A: On July 1, Larkspur Inc.'s Purchased 560 shares of common stock for the treasury. Par value = $5 per…

Q: On June 1, Pronghorn Inc. issues 3,200 shares of no-par common stock at a cash price of $8 per…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 729,000 shares of no-par…

A: Shareholders equity balance includes common stock, preferred stock, additional paid-in capital. From…

Q: Q. question 2

A: Issued stock:Issued stock is the shares of a company that has been distributed to investors. These…

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

A: c. Paid in capital in excess of par - common stock = Inventory + Machinery - Note payable - Common…

Q: On August 1, Cullumber Company buys 1,0000 shares of Estrada common stock for $37,000 cash. On…

A: date account title and explanation Debit Credit Aug 1 Investment in Estrada 37000     Cash…

Q: Oriole Corporation has 74,000 shares of common stock outstanding It declares a $2 per share cash…

A: Dividends: Dividends means the distribution of the amount from the profit earned by the…

Q: Carla Vista Co. had these transactions during the current period. June 12 Issued 83,000 shares of $1…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Please help

A: Cash Dividends are the amount paid to the shareholders, from the earnings of the company. Basically,…

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: Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for…

A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…

Q: Tamarisk, Inc. issues 9,400 shares of $106 par value preferred stock for cash at $110 per share.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Sealand Company has 90,000 common shares outstanding. Because it wants to retain its cash for other…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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: 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 May 1, Carla Vista Corporation purchased 2,800 shares of its $10 par value common stock at a cash…

A: A systematic way to record all the business transactions is referred to as a journal entry, this…

Q: On June 1, Metlock, Inc. issues 1,300 shares of no-par common stock at a cash price of $8 per share.…

A: Cash value will be = Number of shares * Cash price Cash value will be = 1,300 *8 Cash value will be…

Q: On May 10, Skysong, Inc. issues 2,200 shares of $5 par value common stock for cash at $15 per share.…

A: We need to debit cash since it is an asset and credit common stock to extent of par value($5) and…

Q: Your answer is partially correct. Bramble Corp. purchased from its stockholders 5,600 shares of its…

A: In this question, we are required to prepare the journal entries for those transactions. Treasure…

Q: Pronghorn Corp purchased 2,100 shares of its $10 par value common stock for $79,800 on August 1. It…

A: Definition:   Treasury stock: The shares which were reacquired or bought back by the company, but…

Q: On August 1, Shamrock Finance Inc. buys 2,500 Datawave common shares for trading purposes for…

A: Purchase of shares for trading purposes is to be accounted as per Fair value through Profit or loss…

Q: Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for…

A: Total amount received from issue of common stock = No. of common shares issued x Issue price per…

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

A: Buyback shares - it refers to the repurchasing of shares of stock by the company that issued them.…

Q: On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4)…

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

Q: Darlington Inc., permits any of its employees to buy shares directly from the company. There are no…

A: Recruiting fees, wages, payroll taxes, pensions, and incentives are all part of the compensation…

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.