Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please provide the answer in detail! Kanish Corporation's general ledger includes the following account balances: Contributed Surplus $9,000 Common Shares $260,000 Retained Eamings $83,000 The
Please provide the answer in detail!
Kanish Corporation's general ledger includes the following account balances: Contributed Surplus $9,000 Common Shares $260,000 Retained Eamings $83,000 The Contributed Surplus account arose from net excess of proceeds over cost on a previous cancellation of common shares. The average cost of the common shares bought and cancelled in the first two transactions is $20 per share. Assuming that the above balances existed before any of the transactions that follow, record the journal entries for each transaction (a) Bought and cancelled 470 shares at $37 per share. (b) Bought and cancelled 210 shares at $46 per share. (c) Sold 3,100 shares at $42 per share. (d) Sold 1,900 shares at $45 per share. (e) Bought and cancelled 1,200 shares at $49 per shareStep 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