Entries for Treasury Stock On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common stock at $8 per share. On August 3, Hydro Clothing sold 54,000 of the reacquired shares at $11 per share. On November 14, Hydro Clothing sold the remaining shares at $7 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. Can you explain how to get the three Aug 3rd numbers in the journal entry?

Q: Whispering Winds Corporation purchased 3,800 shares of its $ 10 par value common stock for $250,800…

A: Cash paid on purchase = $250, 800

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

A: Treasury stock=Number of shares×Per share value=5,100×$64=$326,400

Q: Entries for issuing stockOn May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon…

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

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

A: a.

Q: Entries for Treasury Stock On May 27, Idress Clothing Inc. reacquired 64,000 shares of its common…

A: Treasury stock is the outstanding stock purchased by company itself. Treasury stock is to be…

Q: Treasury Stock Transactions Lava Lake Inc. bottles and distributes spring water. On February 11 of…

A: The stock which is bought back or repurchased by the shareholders of the entity is generally…

Q: Zurich Corporation has 18,000 shares of $80 par common stock outstanding. On August 2, Zurich…

A: Common Stock- Common Stock refers to the securities that represent individuals' ownership and have a…

Q: Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the…

A:

Q: On January 31, Outback Coast Resorts Inc. reacquired 18,700 shares of its common stock at $45 per…

A: Treasury stocks are reacquired shares by the company and it can be reissued further at higher than…

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: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…

A: Dividend refers to the return a shareholder gets on his investment made in stocks. It can be cash…

Q: Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the…

A: Purchase of treasury stock means purchase of its own share from the market.

Q: Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 76,000 shares of its common stock at…

A: Introduction Treasury stock: Treasury stock is the company’s its own stock which company purchases…

Q: On May 27, Kick Off Inc. reacquired 4,600 shares of its common stock at $55 per share. On August 3,…

A: Treasury stock: A treasury stock means stock which is bought back by the issuing company from the…

Q: ntries for Treasury Stock On May 27, Let Loose Inc. reacquired 3,800 shares of its common stock at…

A: Treasury stock is the corporation's issued stock that has been bought back from the stockholders. As…

Q: Sunland Company purchased from its stockholders 5,300 shares of its own previously issued stock for…

A: Journal entry records the transactions of the business into the books of accounts of the entity and…

Q: Antique Buggy Corporation has 820,000 shares of $35 par common stock outstanding. On June 8, Antique…

A: Given: Outs standing share = 820,000 Stock dividend = 5% Market price on June 8 = $63

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: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: The own shares purchased are known are treasury stock. Treasury stock shall be debited when its own…

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

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

Q: Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a staled value of $3)…

A: Journal entries are usually recorded in the books to primarily show the effect of transactions…

Q: McVie Corporation’s stock has a par value of $2. The company has the following transactions during…

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

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: On June 10, Starbar Corp. repurchased 1,000 shares of its outstanding common stock for $10 per…

A: Treasury stock often referred to as treasury shares, is previously outstanding shares which the…

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

A: A company may choose to buy back its own issued and outstanding shares from the market. Management…

Q: On September 12, 2,400 shares of Aspen Company are acquired at a price of $58.00 per share plus a…

A: Date Accounts title $ Explanation Debit $ Credit $ 12 Sep Investment in Aspen…

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: a.

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

A: Whenever a company issues common stock, then common stock is credited and cash is debited. If common…

Q: On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated…

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

Q: Pro-Builders corporation has 1,500,000 shares par common stock outstanding. On September 2, pro-…

A: Definition: Stock dividends: Stock dividends are the number of shares issued by a company to the…

Q: Prepare journal entries for the following transactions reported by Jet Corporation for the month of…

A: The equity includes the total capital that belongs to the shareholders of the business.

Q: Journalize the transactions of February 11, April 30, and Au

A:

Q: Ise Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 4,600 shares of its common stock…

A: When a company reacquires/purchases its owns share, it called treasury shares. Assumption :cost…

Q: On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated…

A: WORKING NOTE FOR AMOUNTS : $ FEB 13  CASH - 75,000 X 140 = 10,500,000 COMMON STOCK - 75,000 X 125 =…

Q: Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 79,000 shares of its common stock at…

A: Solution:- Preparation of journal entries as follows under:-

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

A: For running any business or company , we need to have long term sources of funds so that business…

Q: Entries for Treasury Stock On May 27, Let Loose Inc. reacquired 78,000 shares of its common stock at…

A: Date Account Titles and Explanation Debit Credit May 27 Treasury Stock $702,000…

Q: On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

Q: Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the…

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

Q: Rodriguez Corporation issues 9,000 shares of its common stock for $177,100 cash on February 20.…

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

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

A: A par stock is a stock that has a par value which determines the minimum capital amount. A no-par…

Q: On May 27, Idress Clothing Inc. reacquired 64,000 shares of its common stock at $12 per share. On…

A: The question s based on the concept of Financial Accounting.

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

A: For running any business or company , we need to have long term sources of funds so that business…

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: , Hydro Clothing Inc. reacquired 65,000 shares of its common stock at $6 per share. On August 3,…

A: Solution: Date Account Title and Explanation Debit Credit 27-May Treasury Stock (65000*$6)…

Q: Treasury Stock Transactions Lava Lake Inc, bottles and distributes spring water. On February 11 of…

A: Date Account Titles and Explanation  Debit   Credit  Feb'11 Treasury Stock (180,000 shares X $ 17…

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

A: Solution a:  Journal Entries for the transactions of July 9, September 22, and November 23 are as…