Prepare the appropriate general journal entries for the following treasury stock transactions of Aberdeen Inc. Oct. 15 Purchased 7,000 shares of its $15 par common stock for $70,000 and placed the stock in the treasury. Dec.  1 Sold 2,000 shares of the treasury stock for $18,000 cash. Dec. 31 Sold the remaining treasury stock for $56,000 cash.

Q: Prepare entries to record the transactions for Maine Corp.: (a) Issued 2,000 shares of $10 par…

A: Journal entry refers to recording/classifying business transactions into books of accounts…

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: Long Co. issued 100,000 shares of $10 par common stock for $1,200,000. A year later Long acquired…

A: The company issues shares to the shareholders to raise and finance its required. Whenever company…

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: A corporation originally issued $6 par value common stock for $11 per share. It purchased the stock…

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

Q: Splish Brothers Inc. purchased from its stockholders 6,000 shares of its own previously issued stock…

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

Q: Dexter Corporation purchased from its stockholders 4,000 shares of its own previously issued stock…

A: >Treasury stock are the shares that have been purchased by the original issuing company from its…

Q: Record following stock transactions of Smith Corporation, which represent all its treasury stock…

A: Journal entry: It is the primary stage of recording any transactions incurred in the business. It…

Q: Rinehart Corporation purchased from its stockholders 5,300 shares of its own previously issued stock…

A: Purchase price of each share = $275,600/5300                                                = $ 52

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: Record each of the following transactions for the Toyota Corporation in general journal form.…

A: Preferred stocks are those stocks for which dividend is paid before other stocks. The preferred…

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

A:

Q: Before Pronghorn Corporation engages in the following treasury stock transactions, its general…

A: Sno Account Titles and Explanation  Debit   Credit  A Treasury Stock  (370 shares X $ 40 per…

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

A:

Q: Hansen Inc. engaged in the following transactions during the current Hansen Inc. engaged in the…

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

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: During the year, the following selected transactions affecting stockholders' equity occurred for…

A: Answer -    Working Note : a. Treasury stock (100 shares × $20) = $2,000   b. Cash (60 shares × $21…

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: Prepare the journal entries for the following transactions for Morgan Co. July 1 Morgan Co.…

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

Q: On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $28 a…

A: Treasury stock means when company purchases its own shares from its open market.

Q: Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000…

A: Given that, Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share…

Q: Required information The following information applies to the questions displayed below] The…

A: As observed from above analysis made, the reissuance of treasury stock at a price more than cost…

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: Ivanhoe Company had these transactions during the current period. June 12   Issued 86,500 shares…

A: Par Value: Par value is a value of single share. This value is shown on the stock certificate at the…

Q: A Calculator On January 1, Sunshine Corporation had 38,000 shares of $12 par value common stock…

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

Q: Prepare general journal entries to record these transactions.   Fido Corporation engaged in the…

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

Q: Elroy Corporation repurchased 2,500 shares of its own stock for $35 per share. The stock has a par…

A: Treasury shares are those shares which are being repurchased by the company from its own…

Q: On January 6, Dee-Light Corporation issued for cash 22,750 shares of $2 par value common stock at…

A: Common stock and preference stock are two types of stock issued by a company. When company receives…

Q: Devers Company strated a stock repurchase plan in current year. Below are the related…

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

Q: A) Johnston, Inc., engaged in the following transactions involving treasury stock:  Aug. 12…

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

Q: Prepare the journal entries for the following transactions for Batson Co. Sept. 1 Batson Co.…

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

Q: Required information [The following information applies to the questions displayed below.] The…

A: Showing the effect of each transactions on the accounting equations. We have,

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: Blossom Company had these transactions during the current period. June 12   Issued 82,000 shares…

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

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: The following transactions took place during January 2022 Jan 4 Purchased 24,000 shares of its own…

A: Treasury shares are the shares which are bought back by the company which was previously issued. It…

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: Show the effects of each transaction on the accounting equation. Give the indicated journal entries…

A: 1.

Q: Prepare the journal entries for the following transactions for Morgan Co. July    1 Morgan Co.…

A: Given that  morgan co. purchased 32000 shares of Gordon corp.stock Total earnings = $80000 cash…

Q: A corporation purchased for cash 5,000 shares of its own $10 par common stock at $25 a share.  In…

A: Companies occasionally buy their own stock from the company's stockholders. Treasury stock refers to…

Q: Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share.…

A: Definition:

Q: Before Gordon Corporation engages in the following treasury stock transactions, its general ledger…

A: Treasury Stock: It is a type of share that is repurchased by the issuer and is mostly intended for…

Q: On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $28 a…

A: Journal entry is the book where the transactions of the business are recorded in the company books…

Q: Before Gordon Corporation engages in the following treasury stock transactions, its general ledger…

A: SOLUTION- TREASURY STOCK =  THIS IS TYPE OF SHARE THAT IS REPURCHASED BY THE ISSUER  AND IS MOSTLY…

Q: Orson Company reports the following transactions relating to its stock accounts in the current year.…

A: Orson Company have purchased and sold common stock , preferred stock, ,treasury stock and there is…

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.

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.