Question

Worldnet Inc. reports the following transactions relating to its stock accounts. Jan 1 Issued 30,000 shares...

Worldnet Inc. reports the following transactions relating to its stock accounts.

Jan 1 Issued 30,000 shares of $6 par value common stock at $15 each per share.

Feb 26 Issued 5,000 shares of $30 par value, 4% preferred stock at $80 cash per share.

April 15 Purchased 2,000 shares of its own common stock at $15 cash per share.

July 30 Sold 1,500 shares of the treasury stock at $25 cash per share.

1) Please provide the journal entries for each of the transactions above.

2) Please calculate the amount and indicate whether it is on the Debit or Credit side for the "Cash" Account and "Treasury Stock" Account.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Refer to the following transactions: 1. Issued 540 shares of $80 par value preferred stock at...
Refer to the following transactions: 1. Issued 540 shares of $80 par value preferred stock at par. 2. Issued 640 shares of $80 par value preferred stock in exchange for land that had an appraised value of $81,600. 3. Issued 19,000 shares of $4 par value common stock for $10 per share. 4. Purchased 4,750 shares of common stock for the treasury at $10 per share. 5. Sold 1,900 shares of the treasury stock purchased in transaction d for $12...
Treasury stock transactions On Jan 1, 2019, Metco Inc, reported 411,050 shares of $5 par value...
Treasury stock transactions On Jan 1, 2019, Metco Inc, reported 411,050 shares of $5 par value common stock as being issued and outstanding. On Mar 24, 2019, Metco Inc, purchased for its treasury 3,600 shares of its common stock at a price of $37 per share. On Aug 19, 2019, 1, 450 of these treasury shares were sold for $43 per share. Metco's directors declared cash dividends of $1.50 per share during the second quarter and again during the fourth...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par value, 100,000 shares authorized, 45,000 shares issued and    outstanding $ 900,000      Paid-in capital in excess of par value, common stock 70,000      Retained earnings 370,000      Total stockholders’ equity $ 1,340,000   In year 2016, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...
On January 1, 2014, Vidalia Company issued 30,000 shares of $2 par value common stock for...
On January 1, 2014, Vidalia Company issued 30,000 shares of $2 par value common stock for $150,000. On March 1, 2014, the company purchased 6,000 shares of its common stock for $8 per share for the treasury. On June 1, 2014, 1,500 of the treasury shares are sold for $10 per share. On September 1, 2014, 3,000 treasury shares are sold at $6 per share. Instructions: Journalize the stock transactions of Vidalia Company in 2014.
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 257,000 shares issued 257,000 Paid-in capital - excess of par, common 514,000 Paid-in capital - excess of par, preferred 135,000 Preferred stock, $100 par, 13,500 shares outstanding 1,350,000 Retained earnings 2,700,000 Treasury stock, at cost, 5,700 shares 28,500 During 2018, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown...
On January 1, 2016, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2016, Gerlach Inc. had the following account balances in its shareholders' equity accounts.   Common stock, $1 par, 259,000 shares issued 259,000   Paid-in capital - excess of par, common 518,000 Paid-in capital - excess of par, preferred 145,000   Preferred stock, $100 par, 14,500 shares outstanding 1,450,000   Retained earnings 2,900,000   Treasury stock, at cost, 5,900 shares 29,500 During 2016, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 100,000 shares authorized,50,000 shares issued and outstanding$1,250,000Paid-in capital in excess of par value, common stock 60,000Retained earnings 430,000Total stockholders' equity$1,740,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5...
Chad Inc originally issued 30,000 share of $5 par common stock for $180,000 on Jan 3,...
Chad Inc originally issued 30,000 share of $5 par common stock for $180,000 on Jan 3, 2008. Chad Inc purchased 1,500 shares of treasury stock for $15,000 on Nov. 2, 2008. On Dec. 6, 2008, 600 shares of the treasury stock are sold for $9,000.
Ivanhoe Inc. had these transactions pertaining to investments in common stock: Jan. 1 Purchased 1,225 shares...
Ivanhoe Inc. had these transactions pertaining to investments in common stock: Jan. 1 Purchased 1,225 shares of Gate Corporation common stock (5% of outstanding shares) for $62,475 cash. July 1 Received a cash dividend of $7 per share. Dec. 1 Sold 898 shares of Gate Corporation common stock for $48,010 cash. 31 Received a cash dividend of $7 per share. Journalize the transactions. Date Account Titles and Explanation Debit Credit Jan. 1 July 1 Dec. 1 Dec. 31
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 6 million common shares, $1 par per share, and 3 million preferred shares, $50 par per share.     Feb. 12 Sold 2 million common shares, for $9 per share. 13 Issued 45,000 common shares to attorneys in exchange for legal services. 13 Sold 85,000 of its common shares and 3,500 preferred shares for...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT