7. CHART OF ACCOUNTS Lawn Spray Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131...

7.

CHART OF ACCOUNTS

Lawn Spray Inc.

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
151	Prepaid Insurance
181	Land
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
226	Interest Payable
231	Cash Dividends Payable
241	Salaries Payable
261	Mortgage Note Payable

	EQUITY
311	Common Stock
312	Paid-In Capital in Excess of Par-Common Stock
315	Treasury Stock
321	Preferred Stock
322	Paid-In Capital in Excess of Par-Preferred Stock
331	Paid-In Capital from Sale of Treasury Stock
340	Retained Earnings
350	Stock Dividends Distributable
351	Cash Dividends
352	Stock Dividends
390	Income Summary

Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 18,000 shares of its common stock

The stock outstanding when a corporation has issued only one class of stock.

at $19 per share. On June 14, 13,500 of the reacquired shares were sold at $27 per share, and on November 23, 3,200 of the reacquired shares were sold at $20.

Required:

A.	Journalize the transactions of January 31, June 14, and November 23. Refer to the Chart of Accounts for exact wording of account titles.
B.	What is the balance in Paid-In Capital Capital contributed to a corporation by the stockholders and others. from Sale of Treasury Stock on December 31 of the current year?
C.	What is the balance in Treasury Stock on December 31 of the current year?
D.	How will the balance in Treasury Stock be reported on the balance sheet?

Expert Solution

Answer 1.

Journal Entry
Date	Particulars	Dr. Amt.	Cr. Amt.

31-Jan	Treasury Stock	342,000.00		18,000 Shares X $19
	Cash		342,000.00
	(Record the purchase of Treasury Stock)

14-Jun	Cash	364,500.00		13,500 Shares X $27
	Treasury Stock		256,500.00	13,500 Shares X $19
	Paid in capital in Excess of Par - Treasury Stock		108,000.00	13,500 Shares X $8
	(Record the issue of Treasury Stock)

23-Nov	Cash	64,000.00		3,200 Shares X $20
	Treasury Stock		60,800.00	3,200 Shares X $19
	Paid in capital in Excess of Par - Treasury Stock		3,200.00	3,200 Shares X $1
	(Record the issue of Treasury Stock)

Answer 2.

Paid in capital in Excess of Par - Treasury Stock	111,200.00


Answer 3.

Treasury Stock - Dec 31 - 1,300 Shares x $19	24,700.00


Answer 4.

Lawn Sparay Inc
Balance Sheet (Partial)
Dec 31
Stockholders' Equity

Treasury Stock - 1,300 Shares	(24,700.00)

ekkarill92 answered 1 year ago

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