Prepare the indicated journal entries for each of the

Assignment Help Accounting Basics
Reference no: EM13580061

During 2013, the following selected transactions affecting stockholders' equity occurred for Corner Corporation:

  Feb. 1 Purchased 400 shares of the company's own common stock at $20 cash per share.
  Jul. 15 Issued 100 of the shares purchased on February 1 for $30 cash per share.
  Sept. 1

Issued 60 more of the shares purchased on February 1 for $15 cash per share.

1) Indicating the account, amount, and direction of the effect (+ for increase and ? for decrease) for the above transactions.

2) Prepare the indicated journal entries for each of the transactions (a) record the purchase of 400 shares of previously issued common stock for a price of $20 per share (b) record the re-insurance of 100 shares of treasury stock previously purchased for a price of $20 per share and sold for a price of $30 per share (c) record the re-insurance of 60 shares of treasury stock previously purchased for a price of $20 per share and sold for a price of $15 per share

Reference no: EM13580061

Questions Cloud

Wyco company manufactures toasters for the first 8 months : wyco company manufactures toasters.for the first 8 months of 2012the company reported the following operating results
A psychologist dr bill mikalek administered a test of : q1.a psychologist dr. bill mikalek administered a test of manual dexterity to 30 third-graders. the times in minutes
If the diameters are distributed normally with mean mu0251 : suppose that the specifications on the diameter of a rotor shaft are 0.25plusmn0.002. if the diameters are distributed
The accrued expenses payable balance on january 1 relates : schedule of cash payments eastgate physical therapy inc. is planning its cash payments for operations for the first
Prepare the indicated journal entries for each of the : during 2013 the following selected transactions affecting stockholders equity occurred for corner
In september wyco company receives a special order for : wyco company manufactures toasters. for the first 8 months of 2012 the company reported the following operating results
On january 1 2013 when the market interest rate was 9 : on january 1 2013 when the market interest rate was 9 percent seton corporation completed a 200000 8 percent bond issue
The probability that an individual has 20-20 vision is 015 : the probability that an individual has 20-20 vision is 0.15. in a class of 50 students what is the mean and standard
The formula used to calculate the number of units needed in : the formula used to calculate the number of units needed in order to earn a desired profit isfixed costs variable

Reviews

Write a Review

Accounting Basics Questions & Answers

  Show support for the bond payable discount by preparing

On June 1, 2002, a company purchased on the open market $20,000 of a company's non-convertible (or convertible) bonds (2% of $1,000,000 bonds outstanding) at a price of "60" ($12,000 cash) plus accrued interest.

  If this action is taken he projects that the sales volume

a company had a very successful year in 2013. based on a 200 average unit selling price monthly sales during 2013 were

  Journalize sellers co entries for sale

The sale, including the cost of the merchandise sold - the credit memorandum, including the cost of the returned merchandise,

  Describe and flowchart either the sales or purchasing proces

Describe and flowchart either the Sales or Purchasing process at your organization

  Personal expenses on variable and fixed basis

Analyze your personal expenses on a variable and fixed basis. What are some of your personal fixed costs and variable costs? What would cause them to change?

  Material sale of inventory items by a parent company

The material sale of inventory items by a parent company to an affiliated company:

  On march 20terrells petty cash fund of 11487 is replenished

on march 20terrells petty cash fund of 114.87 is replenished when the fund contains 10.92 in cash and receipts for

  A company must incur annual fixed costs of 4000000 and

a company must incur annual fixed costs of 4000000 and variable costs of 400 per unit and estimates that it can sell

  Discuss the difference between broad- and narrow-sense

discuss the difference between broad- and narrow-sense heritability. describe how one of these could be measured for a

  Accounts receivable for new partnership

For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is

  What kinds of information would you like to have

What kinds of information would you like to have before you invest in a particular common stock or mutual fund? From what sources can you get that information?

  Amount of net income or net loss

If beginning capital was $70,000, ending capital is $48,000, and the owner's withdrawals were $21,000, the amount of net income or net loss was:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd