What is the journal entry for the sale of 5,000 shares of $1 par value common...

What is the journal entry for the sale of 5,000 shares of $1 par value common stock for $9/share?

		Debit Common Stock 5,000; Credit Cash 5,000
		Debit Cash 5,000; Credit Common Stock 5,000
		Debit Cash 45,000; Credit Common Stock 45,000
		Debit Cash 45,000; Credit Common Stock 5,000, Credit Paid-In Capital in Excess of Par-Common 40,000

What is the journal entry for the purchase of 500, $2 par value common stock for $20 as treasury shares?

		Debit Common Stock 1,000, Debit Additional Paid in Capital 9,000; Credit Cash 10,000
		Debit Cash 10,000; Credit Common Stock 1,000, Credit Paid-In Capital from Treasury Stock Transactions 9,000
		Debit Treasury Stock 10,000; Credit Cash 10,000
		Debit Cash 10,000; Credit Treasury Stock 10,000

The shares purchased in the previous question are sold 2 months later for $25 per share. What is the amount of Paid-In Capital from Treasury Stock for this transaction?

		$0
		$25
		$2,500
		$12,500

Expert Solution

ekkarill92 answered 3 years ago

If a corporation issues 5,000 shares of $5 par value common stock for $ 90,000, the...

If a corporation issues 5,000 shares of $5 par value common stock for $ 90,000, the journal entry would include a credit to: A.Common Stock for $ 90,000. B.Common Stock for $ 65,000. C.Paidminusin Capital in Excess of Parlong dashCommon for $ 90,000. D.Paidminusin Capital in Excess of Parlong dashCommon for $ 65,000. If a corporation issues 2,000 shares of $1 par value common stock for $ 10,000, the journal entry would include a credit to: A.Common Stock for $...

Post adjusting Journal Entries 9 On 12/31/14, ABC issued 5,000 shares of $3 par value common...

Post adjusting Journal Entries 9 On 12/31/14, ABC issued 5,000 shares of $3 par value common stock at the closing market price of $7 per share. Prepare ABC's journal entry to reflect the issuance of the stock on 12/31/14. 10 On 7/1/14, ABC sold 12% bonds having a maturity value of $800,000 for $861,771, resulting in an effective yield of 10%. The bonds are dated 7/1/14, and mature 7/1/19. Interest is payable semiannually on July 1 and January 1. ABC...

Describe the journal entry for a stock dividend on common stock (which has a par value)....

Describe the journal entry for a stock dividend on common stock (which has a par value). Be sure to address the difference between a small and large stock dividend with regard to amounts used to adjust retained earnings. Since you are describing the journal entry, remember to address what accounts are used and any corresponding debits and credits.

1. A company issued 5,000 shares of its $2 par value common stock for $25 per...

1. A company issued 5,000 shares of its $2 par value common stock for $25 per share on 9-1-17. The entry to record this transaction is a) Debit to ,,,,,,,,,,,,,,,,, for $,,,,,,,,,,,,,,, b) Credit to ,,,,,,,,,,,,,,,,, for $ ,,,,,,,,,,,,, c) Credit to ,,,,,,,,,,,,,,,,,, for $,,,,,,,,, 2. A company has total paid in capital from common stock of $1,500,000 and total paid in capital from preferred stock of $350,000. It has retained earnings of $275,000 and there is treasury stock of...

During 2021, Johnon Company had 100,000 shares of $5 par value common stock and 5,000 shares...

During 2021, Johnon Company had 100,000 shares of $5 par value common stock and 5,000 shares of 5%, $100 par value convertible preferred stock outstanding. Each share of preferred stock may be converted into three shares of common stock. Johnson Company’s 2021 net income was $1,800,000. a. compute the basic earnings per share fore 2021 b. compute diluted earnings per share for 2021.

Painted Box Corporation Common shares 5,000, par $1, Capital $5,000, paid-in capital-excess of par $15,000 Convertible...

Painted Box Corporation Common shares 5,000, par $1, Capital $5,000, paid-in capital-excess of par $15,000 Convertible preferred shares 100, par $100, capital $10,000, rate 6%, convertible into # shares of common 300 Convertible bonds, par $10,000, interest rate 12%, convertible into # shares of common 800 Stock options for # shares of common 300, option price $5, market price $6 Earnings $12,500, tax rate 30% ( the basic Eps is 2.38 and Diluted Eps is 2.17. How did they get...

Greyson Corporation has 5,000 shares of $50 par value common stock outstanding. The company conducts the...

Greyson Corporation has 5,000 shares of $50 par value common stock outstanding. The company conducts the following treasury stock transactions: Purchased 400 shares of its common stock at $62 Sold 60 treasury shares at $68 Sold 120 treasury shares at $60 Sold 100 shares at $58 Required Prepare the journal entries necessary to record these transactions.

Journal Entry #1 Mason Automotive sells 20,000,000 shares at $1 par for $20 on January 1st,...

Journal Entry #1 Mason Automotive sells 20,000,000 shares at $1 par for $20 on January 1st, 2019. Journal Entry #2 Ed Mason, the CEO, hires 4,500 employees, whom will receive a combined salary of $5 Million on a monthly basis. The employees started on January 1st and will be paid for the month of January on February 4th. Employee's withholdings are as follows: 10% for federal income taxes 5.5% for state income taxes and 9% for FICA. Record the necessary...

1 Corp X is authorized to issue 1,000,000 shares of Common Stock Par $1 No Entry...

1 Corp X is authorized to issue 1,000,000 shares of Common Stock Par $1 No Entry since it was just authorized but not issued. 2 Corporation X issued 500,000 shares of Common Stock Par $1 for $ 8 per share 3 Corporation X issued 1,500,000 shares of Common Stock Par $1 for $10 per share 4 Corporation X reacquired 1,000,000 shares of their Common Stock Par $1 for $ 2 5 Sold 500,000 shares of treasury stock at $8 per...

create journal entries: Common stock—$10 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $...

create journal entries: Common stock—$10 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 550,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 460,000 Total stockholders’ equity $ 1,090,000 In year 2016, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of...

Question