54 During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a....

Transcribed Image Text:

54 During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 200 shares of the company's common stock at $20 cash per share. b. June 14: Sold 40 of the shares purchased on April 1 for $25 cash per share. c. September 1: Sold 30 of the shares purchased on April 1 for $15 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 54 During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 200 shares of the company's common stock at $20 cash per share. b. June 14: Sold 40 of the shares purchased on April 1 for $25 cash per share. c. September 1: Sold 30 of the shares purchased on April 1 for $15 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Answer rating: 100% (QA)

a April 1 Repurchased 200 shares of the companys common stock at 20 cash per share Journal Entry On ... View the full answer