Record the following journal entries for ABC, Inc. January, 1st 2011: Issued 2,000 shares of $1...

Record the following journal entries for ABC, Inc.

January, 1^st 2011: Issued 2,000 shares of $1 par value stock for $5 per share.

April 1^st, 2011: Reacquired 1,000 shares of stock at $10 per share.

June 1^st, 2011: Reissues 500 shares of stock at $12 per share.

August 1^st, 2011: Declares a dividend of $1 per share.

September 1^st, 2011: Pays dividend to shareholder

1 Which of the following journal entries records the issuances of shares on January 1^st?

2 Which of the following journal entries records the reacquiring of shares on April 1^st?

3. Which of the following journal entries records the reissuances of shares on June 1^st?

4. Which of the following journal entries records the declaration of the dividend on August 1^st?

5. Which of the following journal entries records the payment of the dividend on September 1^st?

Expert Solution


Date	Account titles and explanation		Debit(in $)	Credit(in $)
	Jan 1,2011	Cash(2000*$5)		10,000
		Common Stock(2000*$1)			2,000
		Paid-in capital in excess of par-Common stock			8,000

	Apr 1,2011	Treasury Stock		10,000
		Cash			10,000

	Jun 1,2011	Cash(500*$12)		6,000
		Treasury Stock-Common(500*$10)			5,000
		Paid-in capital-Treasury Stock			1,000

	Aug 1,2011	Reatined Earnings		1,500
		Dividend Payable			1,500

	Sept 1,2011	Dividend Payable		1,500
		Cash			1,500

ekkarill92 answered 2 years ago

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