Sheffield Corp.'s balance sheet reported the following: Capital stock outstanding, 4,000 shares, par $ 25 per share $ 100,000 Paid-in capital in excess of par 83,200 Retained earnings 90,800 The following transactions occurred this year: (a) Purchased 210 shares of capital stock to be held as treasury stock, paying $ 54 per share. (b) Sold 160 of the shares of treasury stock at $ 59 per share. (c) Sold the remaining shares of treasury stock at $ 45 per share. Prepare the journal entry for these transactions under the cost method of accounting for treasury stock. (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 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) (c)
Sheffield Corp.'s balance sheet reported the following: Capital stock outstanding, 4,000 shares, par $ 25 per share $ 100,000 Paid-in capital in excess of par 83,200 Retained earnings 90,800 The following transactions occurred this year: (a) Purchased 210 shares of capital stock to be held as treasury stock, paying $ 54 per share. (b) Sold 160 of the shares of treasury stock at $ 59 per share. (c) Sold the remaining shares of treasury stock at $ 45 per share. Prepare the journal entry for these transactions under the cost method of accounting for treasury stock. (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 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) (c)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
Related questions
Question
Sheffield Corp.'s balance sheet reported the following:
Capital stock outstanding, 4,000 shares, par $ 25 per share | $ 100,000 | |
Paid-in capital in excess of par | 83,200 | |
90,800 |
The following transactions occurred this year:
(a) | Purchased 210 shares of capital stock to be held as |
|
(b) | Sold 160 of the shares of treasury stock at $ 59 per share. | |
(c) | Sold the remaining shares of treasury stock at $ 45 per share. |
Prepare the
No.
|
Account Titles and Explanation
|
Debit
|
Credit
|
(a)
|
|
|
|
|
|
|
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College