Question
On January 1, 2020 XYZ Corporation had 100,000 ordinary shares issued and outstanding, the share have par value $ 4 per share, during the
On January 1, 2020 XYZ Corporation had 100,000 ordinary shares issued and outstanding, the share have par value $ 4 per share, during the year the following transactions occurred. : April 1 issued 25,000 additional ordinary shares for $17 per share May 1 purchased 10,000 treasury shares for cash at $15per share Aug 1 sold 1000 treasury shares for 15$ per share Sep 1 sold 2,000 treasury shares for $20 per share DEC 1 Sold 3000 treasury shares for $13 per share Prepare the journal entries for above transaction?
Step by Step Solution
3.43 Rating (156 Votes )
There are 3 Steps involved in it
Step: 1
Transaction 1 Issuing Additional Shares April 1 Debit Cash 25000 shares 17share 425000 Credit ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
18th edition
538479736, 978-1111534783, 1111534780, 978-0538479738
Students also viewed these Law questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App