On March 3rd, 4J Corporation issued 5,000 shares of its $2.00 par common stock for $15...

On March 3rd, 4J Corporation issued 5,000 shares of its $2.00 par common stock for $15 per share. On July 1, the company bought back 1,500 shares of its own common stock for $17 per share.

The journal entry to record the buy back on July 1 would be a debit to_____ for_____ and a credit to_____ for_______.

On September 2nd, they resold 500 shares for $20 per share.

The journal entry to record the September 2nd resale would include a debit to____ for____ , a credit to____ for____ and a credit to_____ for______.

On September 15th, they resold 600 shares for $15. On October 14th, the board of directors declared a $1 dividend per share of outstanding stock for shareholders on record as of October 28th, which will be paid out on November 2nd.

The jorunal entry to record the October 14th declaration would be a debit to _____ for _______and a credit to _______for ______.

The journal entry to record the November 2nd payment of dividends would be a debit to ______ for _______ and a credit to _______ for ___________.

Expert Solution

On March 3rd, 4J Corporation issued 5,000 shares of its $2.00 par common stock for $15 per share. On July 1, the company bought back 1,500 shares of its own common stock for $17 per share.

The journal entry to record the buy back on July 1 would be a debit to Treasury stock for $25500 and a credit to Cash for $25500

On September 2nd, they resold 500 shares for $20 per share.

The journal entry to record the September 2nd resale would include a debit to Cash for 10000, a credit to treasury stock for 8500 and a credit to Paid in capital from sale of treasury stock for 1500

On September 15th, they resold 600 shares for $15. On October 14th, the board of directors declared a $1 dividend per share of outstanding stock for shareholders on record as of October 28th, which will be paid out on November 2nd.

The jorunal entry to record the October 14th declaration would be a debit to Cash dividend for 4600 and a credit to Dividend payable for 4600

The journal entry to record the November 2nd payment of dividends would be a debit to Dividend payable for 4600 and a credit to Cash for 4600

.

ekkarill92 answered 1 year ago

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