On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Prepare the May 3 and November 4 journal entries to record Zirbal’s purchase and reissuance of treasury stock.

Q: Elroy Corporation repurchased 3,600 shares of its own stock for $30 per share. The stock has a par…

A: Total amount of Treasury stock purchased = No. of stock Purchased * Amount per stock = 3600*$30 =…

Q: Familia Ltd. purchased from its shareholders 5,000 shares of its own previously issued shares for…

A: Purchase price of Treasury stock : = $ 250000/5000 shares = $ 50

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

A: sometime companies purchase share of their own stock from other stock holder of the company. such…

Q: Prior to June 1, Sandler Company had no treasury stock transactions. Then, on June 1, the company…

A: Treasury stock: It refers to the shares that are reacquired by the corporation that are already…

Q: Rodriguez Corporation issues 19,000 shares of its common stock for $152,000 cash on February 20.…

A: Common stock: It refers to the security that provides the holder with the ownership rights in a…

Q: On July 1, Pharoah Company purchases 590 shares of its $5 par value common stock for the treasury at…

A: Treasury Stock - It is reacquired stock which is brought back by the issuing company, reducing the…

Q: Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

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

A: Journal entry is an activity of record keeping of economic or non- economic transactions in thr…

Q: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock.…

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

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Shares refer to the market security that the company issue to raise funds from the market by…

Q: During this year, board of directors at Munoz Company authorizes repurchase of 100 shares of the…

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

Q: Flint Co. had the following transactions during the current period. Mar. 2 Issued 4,100 shares of $6…

A: Increase in assets should be debited. Increase in expense should be debited. Increase in equity…

Q: night Corp. holds 20,000 shares of its $10 par common stock as treasury stock reacquired in Year1…

A: Treasury stock is that part of the common stock of the company that is re-purchased by the issuing…

Q: James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its…

A: When common stock is issued at price higher the par value , then we need to debit cash as cash is…

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: 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: 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: 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 October 3, Valley Clothing Inc. reacquired 10,000 shares of its common stock at $9 per share. On…

A: Working Notes: Treasury stock=Number of shares×Per share=10,000×$9=$90,000

Q: Rodriguez Corporation issues 17,000 shares of its common stock for $265,500 cash on February 20.…

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

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

A: Treasury stock when shares reissued= (Cost of purchase / Number of shares) * Number of shares…

Q: Tulip Corporation uses the cost method to account for treasury stock transactions on December 31.…

A: Journal entry is a record of financial transaction in the books of accounts prepared using the three…

Q: On September 10th, Grape Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of…

A: When the shares are issued at a higher price than the face value, Are Issued at Premium.

Q: Splish Brothers Inc. purchased from its stockholders 5,400 shares of its own previously issued stock…

A: Purchase price per share = Total amount paid / No. of shares purchased = $270,000/5400 shares = $50…

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: 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: On September 10th, Orange Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of…

A: The organization can raise funds for the operation by issuing common stock, preferred stock for the…

Q: On February 13, Solo Inc. reacquires 50,000 shares of its $1 par value common stock at the current…

A: Financial statements are the recording of business transactions in the various statements which are…

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 May 27, Mama Mia Inc. reacquired 78,000 shares of its common stock at $8 per share. On August 3,…

A: Treasury stock are shares reacquired by the company. Treasury stock is shown at last in the…

Q: Butler, Inc. had the following treasury stock transactions in 2024: July 8 Purchased 1,000 shares of…

A: The treasury stock is a stock in which the company buys back its own shares. The treasury stock is…

Q: Splish Brothers Inc. had the following transactions during the current period. Mar. 2   Issued…

A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…

Q: Culver Corporation purchased from its stockholders 6,000 shares of its own previously issued stock…

A: Account Titles and Explanation Debit Credit Treasury Stock $306,000               Cash (6000*51)…

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

A:

Q: On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock…

A: Value of treasury stock purchaes = 1800 * $11 = $19,800 Cash amount received from sale of 1450…

Q: On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and…

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

Q: On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common stock at $8 per share. On…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Authorized share capital means the share capital which is the company is legally authorized to…

Q: Rodriguez Corporation issues 8,000 shares of its common stock for $161,400 cash on February 20.…

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

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

A: Treasury stock = Shares purchased*Cash price Treasury stock = 500*8 Treasury stock = 4000…

Q: Journalize the transactions of February14, March 5, and June 2.

A:

Q: ortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: When shares of the company are issued at a value more than par value, then it means shares are…

Q: Mad City Corporation purchased from its stockholders 5,000 shares of its own previously issued stock…

A: Journal: Recording of a business transactions in a chronological order.