Question

On April 28, 2019, Madison purchased 5000 of its common shares issued on June 15, 2018...

On April 28, 2019, Madison purchased 5000 of its common shares issued on June 15, 2018 at $13 per share

The following transactions related to the treasury stock purchased on April 28 took place throughout the years.

A) 8-Jul Sold 500 shares of treasury stock purchased on April 28th for $27 per share.

B) 21-Oct Sold 1000 shares of treasury stock purchased on April 28th for $20,000.

C) 18-Nov Sold 1500 shares of treasury stock purchased on April 28th for 16,500

D) 15- Dec retired the remaining treasury shares purchashed on April 28th.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Journal entries :

Date account and explanation debit credit
Jul 8 Cash (500*27) 13500
Treasury Stock (500*13) 6500
Paid in capital from sale of treasury Stock 7000
(To record sales of treasury Stock)
Oct 21 Cash 20000
Treasury Stock (1000*13) 13000
Paid in capital from sale of treasury Stock 7000
(To record sale of treasury Stock)
Nov 18 Cash 16500
Paid in capital from sale of treasury Stock 3000
Treasury Stock (1500*13) 19500
(To record sale of treasury Stock)
Dec 15

Note : FOr retirement journal entry Common Stock par value information is not given.

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
On April 2 a corporation purchased for cash 7,000 shares of its own $13 par common...
On April 2 a corporation purchased for cash 7,000 shares of its own $13 par common stock at $28 per share. It sold 4,000 of the treasury shares at $31 per share on June 10. The remaining 3000 shares were sold on November 10 for $24 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does...
On April 2 a corporation purchased for cash 7,000 shares of its own $12 par common...
On April 2 a corporation purchased for cash 7,000 shares of its own $12 par common stock at $27 per share. It sold 4,000 of the treasury shares at $30 per share on June 10. The remaining 3000 shares were sold on November 10 for $23 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does...
Marketplace, Inc. completed the following treasury stock transactions in 2016: June. 3 Purchased 2,000 shares of...
Marketplace, Inc. completed the following treasury stock transactions in 2016: June. 3 Purchased 2,000 shares of the company's $5 par value common stock as treasury stock, paying cash of $15 per share. June 14 Sold 800 shares of the treasury stock for cash of $20 per share. Journalize these transactions. Explanations are not required
On January 10, ACE Corporation purchased 5,000 shares of its own common stock for $300,000. On...
On January 10, ACE Corporation purchased 5,000 shares of its own common stock for $300,000. On August 10, a total of 2,000 shares were sold at $65.00 per share. On September 10, a total of 2,000 more shares were sold at $45.00 per share. On December 10, the remaining shares were sold for $40.00 per share. These are the only treasury stock transactions ever made by the corporation. Prepare the journal entries required on January 10, August 10, September 10,...
The Alford Group had 202,000 shares of common stock outstanding at January 1, 2018. The following...
The Alford Group had 202,000 shares of common stock outstanding at January 1, 2018. The following activities affected common shares during the year. There are no potential common shares outstanding.    2018 Feb. 28 Purchased 6,000 shares of treasury stock. Oct. 31 Sold the treasury shares purchased on February 28. Nov. 30 Issued 24,000 new shares. Dec. 31 Net income for 2018 is $400,000. 2019 Jan. 15 Declared and issued a 2-for-1 stock split. Dec. 31 Net income for 2019...
The Alford Group had 250,000 shares of common stock outstanding at January 1, 2018. The following...
The Alford Group had 250,000 shares of common stock outstanding at January 1, 2018. The following activities affected common shares during the year. There are no potential common shares outstanding.    2018 Feb. 28 Purchased 3,000 shares of treasury stock. Oct. 31 Sold the treasury shares purchased on February 28. Nov. 30 Issued 12,000 new shares. Dec. 31 Net income for 2018 is $1,494,000. 2019 Jan. 15 Declared and issued a 2-for-1 stock split. Dec. 31 Net income for 2019...
ABC Corporation has 10,000 shares $2 par value common stock issued and outstanding. Record the following...
ABC Corporation has 10,000 shares $2 par value common stock issued and outstanding. Record the following transactions: Purchased 400 shares of its own $2 par value common stock for $ 20 per share. Sold 150 shares of treasury stock purchased in (a) for $22 per share. Sold 100 shares of treasury stock purchased in (a) for $20 per share. Sold the remaining 150 shares of treasury stock purchased in (a) for $16 per share.
On February 1, Wildhorse Company purchased 460 shares (2% ownership) of Givens Company common stock for...
On February 1, Wildhorse Company purchased 460 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Wildhorse Company sold 92 shares of Givens stock for $2,668. Wildhorse received a dividend of $2.00 per share on April 25. On June 15, Wildhorse sold 184 shares of Givens stock for $6,992. On July 28, Wildhorse received a dividend of $2.00 per share. Prepare the journal entries to record the transactions described above
Exercise 8-13 Crane Company had these transactions during the current period. June 12 Issued 79,500 shares...
Exercise 8-13 Crane Company had these transactions during the current period. June 12 Issued 79,500 shares of $1 par value common stock for cash of $298,125. July 11 Issued 3,650 shares of $105 par value preferred stock for cash at $113 per share. Nov. 28 Purchased 3,200 shares of treasury stock for $8,800. Prepare a tabular summary to record the Crane Company transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or...
Apr 1 Issued 6,000 common shares at $8 per share. June 15 Declared a 5% stock...
Apr 1 Issued 6,000 common shares at $8 per share. June 15 Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were trading for $10 a share at this time. Sep. 21 Announced a 1-for-2 reverse stock split. Shares were trading at $8 per share at the time. Nov. 1 Issued 3,000 common shares at $18 per share. Dec. 20 Repurchased 10,000 common shares for $16 per share. This was the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT