Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Equity Transactions Tritch Technology began its operations in January of 20Y4. The transactions below occurred during its first year of operations. REQUIREMENT : Record the

Equity Transactions

Tritch Technology began its operations in January of 20Y4. The transactions below occurred during its first year of operations.

REQUIREMENT: Record the general journal entry needed for each transaction. Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (e.g. 5,000). If no account title is needed in a blank, put "Blank" in the space provided.

Example: Borrowed $5,000 from a bank.

Account Title

Debit

Credit

Cash 5,000 0
Notes Payable 0 5,000
Blank 0 0

1. On January 10, Tritch issued 20,000 shares of $10 par value common stock for $22 per share.

Account Title

Debit

Credit

2. On March 15, Tritch issued 1,000 shares of $15 par value, 5% preferred stock for $15 per share.

Account Title

Debit

Credit

3. on October 20, Tritch repurchased 4,000 shares of its own common stock from the market for $24 per share.

Account Title

Debit

Credit

4. Tritch declared the annual preferred stock dividend on December 15. The dividend will be paid to shareholders in the following year.

Account Title

Debit

Credit

5. Tritch declared a $.50 per share cash dividend to common stockholders on December 20. The dividend will be paid to shareholders in the following year.

Account Title

Debit

Credit

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

Financial Accounting

Authors: V.K. Gopal

1st Edition

9788174467461

More Books

Students also viewed these Accounting questions

Question

Develop a program for effectively managing diversity. page 303

Answered: 1 week ago

Question

List the common methods used in selecting human resources. page 239

Answered: 1 week ago