On September 14, 10,000 shares of Grey Company are acquired at a price of $100 per share plus a $500 brokerage fee. DATE   Debit Credit X/X                                         b) On October 15, a $0.50-per-share dividend was received on the Grey Company stock. DATE   Debit Credit X/X                                         c) On November 10, 1,500 shares of the Grey Company stock were sold for $115 per share less a $50 brokerage fee. DATE   Debit Credit X/X

Q: Hanson Co. issued 10,000 shares of its $5 par common stock for $15 a share. In addition, it incurred…

A: Journal entry for recording issuance of shares is Debit Cash and Credit Common Stock and Credit…

Q: On January 23, 16,000 shares of Tolle Company are acquired at a price of $24 per share plus a $160…

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

Q: July 3, 20x2, Yami issued 150,000 of its ordinary shares for P1,950,000. A 5% share dividend was…

A: Solution: Working: Date Particulars Ordinary Share (P) paid in capital of excess of par retained…

Q: Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par…

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

Q: On February 22, Brett Corporation acquired 180 shares of its $3 par value common stock for $26 each.…

A: The accounting entry on purchase of treasury share at 26 was Debit Treasury stock 4680 and credit…

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: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: *I need help on the Dec 31 entire entry (see attached): HW15-01A: On January 23, 15,000 shares of…

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

Q: On September 12, 2,000 shares of Aspen Company are acquired at a price of $50 per share plus a $200…

A: Journal entry refers to the recording made by the business in the books of accounts, of all the…

Q: When Bayou Corporation was formed on January 1, 20xx, the corporation was authorized to issue…

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

Q: . What amount should be recognized as share premium at year-end? 5. What is the total shareholders’…

A: It is the statement that provides the movement of the owner's balance from the beginning to the end…

Q: On December 2, Coley Corp. acquired 1,400 shares of its $5 par value common stock for $20 each. On…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: On September 12, 2,600 shares of Aspen Company are acquired at a price of $48.00 per share plus a…

A: 1. CALCULATION FOR PURCHASE OF INVESTMENT : = (2,600 X $48) + $130  = $124,930   2. CALCULATION OF…

Q: On September 12, 3,800 shares of Aspen Company are acquired at a price of $60.00 per share plus a…

A: Brokerage commission paid to purchase the shares will be added to the cost of the shares.

Q: On May 27, Buzz Off Inc. reacquired 4,600 shares of its common stock at $19 per share. On August 3,…

A: This question provides that acquire of shares and sold of share. we have to journalize the…

Q: On December 1, DOS Corporation issued 1,000 shares of its par ordinary share capital and 2,000…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

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 January 23, 10,000 shares of Tolle Company are acquired at a price of $30 per share plus a $100…

A: Stock investments: Stock investments are equity securities which claim ownership in the investee…

Q: On January 1, Sweeney Corporation had 40,000 shares of $10 par value common stock issued and…

A: We have the following information: On January 1, Sweeney Corporation had 40,000 shares of $10 par…

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: On January 31, Wilderness Resorts Inc. reacquired 22,500 shares of its common stock at $31 per…

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

Q: On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of…

A: Under cost method, Investment is recorded  along inclusive of any expenses incurred to acquire.…

Q: Spring Company is authorized to issue 500,000 shares of $1 par value common stock. In its first…

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

Q: On February 1, Motorsports Inc. reacquired 7,500 shares of its common stock at $30 per share. On…

A:

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total amount paid = (No. of shares x Price per share) + Brokerage fee = (6,000 shares  x $22 per…

Q: On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of…

A: a.

Q: On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock…

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

Q: Prepare the journal entries for the original purchase, the dividend, and the sale under the cost…

A:

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

A: Paid in capital excess of par- preferred stock on January 2 nd = 5000 shares ×$10 = $50000

Q: On February 22, Stewart Corporation acquired 3,300 shares of the 115,000 outstanding shares of…

A: Equity share capital refers to the capital raised by a company by offering shares. The investors who…

Q: On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145…

A: Introduction: A journal entry is used to disclose a business deal in a company's accounting records.…

Q: On December 2, Coley Corp. acquired 1,500 shares of its $3 par value common stock for $20 each. On…

A: Solution: Cost of treasury stock resold = 1100*$20 = $22,000

Q: On January 1, 20X1, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000.…

A: Lets understand the basics. Treasury shares are shares which are purchased back by the company after…

Q: On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding.…

A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…

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: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…

A: Costing method highlights Under the Costing method cost of the investment in securities is recorded…

Q: On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April…

A: The issued and outstanding shares are the shares that are issued by the company and are not…

Q: Helu Corporation was organized on January 1, with an authorization of 1,000,000 ordinary shares with…

A: Share premium is the amount received on issue of shares above par value.

Q: On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock…

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

Q: Bashir Inc. issues 2,500 shares of $1 par value common stock and 1,000 shares of $50 par value…

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

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: During its first year of operation, Victory Inc. entered into the following transactions relating to…

A: The total shareholders' equity includes the total equity that belongs to the shareholders.

Q: Emma Consulting had previously purchased 3,466 shares of treasury stock for $7 per share. Emma then…

A: Given,  3,600 shares purchased for $7 per share Sold 1,225 shares of treasury stock for $13 per…

Q: On June 5, Belen Corporation reacquired 3,300 shares of its own common stock at $45 per share. On…

A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…

Q: Riley Inc.'s charter authorizes 1,000 shares of stock at a stated value of $10 per share. Riley…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: On January 23, 10,000 shares of tolle company are acquired at a price of $30 per share plus a $100…

A: Note: Since requirement is missing, after making necessary reference it is determined that the…