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In: Accounting

*FOR THE DATES NOVEMBER 17 AND DECEMBER 30, THERE ARE MULTIPLE BOXES TO FILL. PLEASE FILL...

*FOR THE DATES NOVEMBER 17 AND DECEMBER 30, THERE ARE MULTIPLE BOXES TO FILL. PLEASE FILL IN THE CORRECT ACCOUNT TITLES AND EXPLANATIONS, BUT AS WELL AS THE CORRECT NUMBERS FOR DEBIT/CREDIT!!!*

Sunland Ltd. had the following share transactions during its first year of operations:

Jan. 6 Issued 224,000 common shares for $1.50 per share.
Jan. 12 Issued 56,000 common shares for $1.75 per share.
Mar. 17 Issued 1,100 preferred shares for $105 per share.
July 18 Issued 1,120,000 common shares for $2 per share.
Nov. 17 Reacquired 224,000 common shares for $1.95 per share.
Dec. 30 Reacquired 168,000 common shares for $1.80 per share.

(a)

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average per share to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

                                                                      Jan. 6Jan. 12Mar. 17July 18Nov. 17Dec. 30
(Issued common shares for cash.)

                                                                      Jan. 6Jan. 12Mar. 17July 18Nov. 17Dec. 30
(Issued common shares for cash.)

                                                                      Jan. 6Jan. 12Mar. 17July 18Nov. 17Dec. 30
(Issued preferred shares for cash.)

                                                                      Jan. 6Jan. 12Mar. 17July 18Nov. 17Dec. 30
(Issued common shares for cash.)

Nov. 17
(To record reacquisition of
common shares.)

                                                                      Jan. 6Jan. 12Mar. 17July 18Nov. 17Dec. 30
(To record reacquisition of
common shares.)

Solutions

Expert Solution

(a)

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average per share to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

                                                                      Jan. 6

 Cash (224000*1.5) 336000
Common Stock 336000
(Issued common shares for cash.)

                                                                      Jan. 12

 Cash (56000*1.75) 98000
Common Stock 98000
(Issued common shares for cash.)

                                                                      Mar. 17

 Cash (1100*105) 115500
Preferred stock 115500
(Issued preferred shares for cash.)

                                                                     July 18

 Cash (1120000*2) 2240000
Common Stock 2240000
(Issued common shares for cash.)

Nov. 17

 Treasury Stock (224000*1.95) 436800
Cash 436800
(To record reacquisition of
common shares.)

                                          Dec. 30

 Treasury Stock (168000*1.8) 302400
Cash 302400
(To record reacquisition of
common shares.)

ekkarill92 answered 1 year ago
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