Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 14 p Justin started Company ABC on January 1, 2020. Make the appropriate journal entries. If no journal entry is required, please choose No

1 14 p Justin started Company ABC on January 1, 2020. Make the appropriate journal entries. If no journal entry is required, please choose "No Journal Entry" when appropriate. 1. On Jan 1, ABC issued 8,000 common shares of stock to investors for $15 each. The common stock has a par value of $0.10. Dr. Cash $120,000 Cr. $800 Common Stock Cr. $119,200 Additional Paid In Capital 2. On April 5, ABC repurchased 750 shares of its own stock for $17 per share. Dr. Treasury Stock $12,750 Cr. Cash $12,750 Collaborations 3. On May 20, ABC re-issued 200 of the shares it had repurchased on April 5. It sold it for $14 per share. It had purchased these shares for $17 per share. Note: re-issued means ABC sold the stock back to the market. # #3 80 F3 E D 674 4 DOD ODD F4 % 45 F5 MacBook Air image text in transcribedimage text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Construction Accounting And Financial Management

Authors: Steven J. Peterson

3rd Edition

0132675056, 978-0132675055

More Books

Students also viewed these Accounting questions

Question

What factors determine the performance of a team?

Answered: 1 week ago