Question
On October 10, the stockholders equity of Noble Systems appears as follows. Common stock$10 par value, 36,000 shares authorized, issued and outstanding $ 360,000 Paid-in
On October 10, the stockholders equity of Noble Systems appears as follows.
Common stock$10 par value, 36,000 shares authorized, issued and outstanding | $ | 360,000 |
Paid-in capital in excess of par value, common stock | 108,000 | |
Retained earnings | 432,000 | |
Total stockholders equity | $ | 900,000 |
Prepare journal entries to record the following transactions for Noble Systems. |
1a. | Purchased 4,500 shares of its own common stock at $30 per share on October 11. (Omit the "$" sign in your response.) |
Date | General Journal | Debit | Credit | |
Oct. | 11 | (Click to select)Treasury stockDividend receivedCashPaid-In capital, treasury stockCost of goods soldSalesRetained earningsCommon stock | ||
(Click to select)Retained earningsDividend receivedTreasury stockCost of goods soldCommon stockSalesPaid-In capital, treasury stockCash |
1b. | Sold 1,200 treasury shares on November 1 for $36 cash per share. (Omit the "$" sign in your response.) |
Date | General Journal | Debit | Credit | |
Nov. | 1 | (Click to select)SalesTreasury stockCommon stockRetained earningsPaid-In capital, treasury stockDividend receivedCost of goods soldCash | ||
(Click to select)SalesCommon stockDividend receivedCost of goods soldCashPaid-In capital, treasury stockRetained earningsTreasury stock | ||||
(Click to select)Cost of goods soldTreasury stockPaid-In capital, treasury stockRetained earningsCommon stockCashSalesDividend received |
1c. | Sold all remaining treasury shares on November 25 for $25 cash per share. (Omit the "$" sign in your response.) |
Date | General Journal | Debit | Credit | |
Nov. | 25 | (Click to select)Common stockCashSalesDividend receivedTreasury stockRetained earningsPaid-In capital, treasury stockCost of goods sold | ||
(Click to select)SalesRetained earningsDividend receivedTreasury stockCost of goods soldCashCommon stockPaid-In capital, treasury stock | ||||
(Click to select)Dividend receivedSalesCashTreasury stockPaid-In capital, treasury stockRetained earningsCost of goods soldCommon stock | ||||
(Click to select)SalesRetained earningsDividend receivedCost of goods soldContributed capital, treasury stockCashTreasury stockCommon stock |
2. | Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase. (Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.) |
(Click to select)DividendsCommon stockRetained earningsTreasury stockPaid-in capital in excess of par value, common stock | $ |
(Click to select)Retained earningsLess: Cost of treasury stockCommon stockPaid-in capital in excess of par value, common stockAdd: Cost of treasury stock | |
Total Paid-in Capital | |
(Click to select)Add: Cost of treasury stockPaid-in capital in excess of par value, common stockLess: Cost of treasury stockCommon stockRetained earnings | |
Total | |
(Click to select)Retained earningsCommon stockAdd: Cost of treasury stockPaid-in capital in excess of par value, common stockLess: Cost of treasury stock | |
Total stockholders equity | $ |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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 Started