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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.

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Answer #1

Journal entry :

Date account & explanation debit credit
Jan 1, 2014 Cash 150000
   Common Stock (30000*2) 60000
    Paid in capital in excess of par value 90000
(To record issue common stock)
Mar 1, 2014 Treasury Stock (6000*8) 48000
    Cash 48000
(To record Stock repurchased)
Jun 1, 2014 Cash 15000
    Treasury stock (1500*8) 12000
    Paid in capital from sale of treasury stock 3000
(TO record sale of treasury stock)
Sep 1, 2014 Cash (3000*6) 18000
Paid in capital from sale of treasury stock 3000
Retained earnings 3000
    Treasury stock (3000*8) 24000
(To record sale of treasury stock)
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