Question
a list of account names to choose from when answering the journal entry questions below. Variations of these account names will not earn points (i.e.,
a list of account names to choose from when answering the journal entry questions below. Variations of these account names willnotearn points (i.e., you must use the account names exactly as shown below).
APIC-CS
Common Stock
APIC-Share Repurchase
Retained Earnings
CashTreasury Stock
On February 1, 2020, Regina Company issued 1,000 shares of $10 par value common stock for $40 a share. This is the first time Regina has ever issued shares of common stock.
- Prepare the journal entry needed for Regina to properly record this transaction.
On July 8, 2020, Regina Company paid $50 a share to reacquire 500 of the shares issued on February 1, 2020.This is the first time Alana has ever reacquired shares. Alana did not retire these reacquired $10 par value common stock shares.
Prepare the journal entry needed for Alana to properly record this transaction.
On September 12, 2020, Regina Company received $60 a share when reissuing 100 of the common stock shares reacquired on July 8, 2020. This is the first time Alana has ever reissued reacquired shares.
Prepare the journal entry needed for Alana to properly record this transaction.
On November 22, 2020, Regina Company received $30 a share when reissuing 250 of the common stock shares reacquired on July 8, 2020. This is the second time Alana has ever reissued reacquired shares.
Prepare the journal entry needed for Alana to properly record this transaction.
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