Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,800, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 56,000 shares of the common stock at $13 cash per share. b. Reacquired 1,600 shares at $16 cash per share from stockholders, the shares are now held in treasury. c. Reissued 800 of the shares in transaction (b) two months later at $19 cash per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the issuance of 56,000 shares of common stock with a par value $10 for a price of $13 per share. Note: Enter debits before credits. Debit |Credit Transactio General Journal Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,800, declared no dividends., and the following selected transactions occurred in the order given: a. Issued 56,000 shares of the common stock at $13 cash per share. b. Reacquired 1,600 shares at $16 cash per share from stockholders, the shares are now held in treasury. c. Reissued 800 of the shares in transaction (b) two months later at $19 cash per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction lis Journal entry worksheet Record the purchase of 1,600 shares of previously issued common stock for a price of $16 per share. Note: Enter debits before credits. Debit Credit Transactio General Journal Record entry Clear entry View general journal Required information The following information applies to the questions displayed below] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,800, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 56,000 shares of the common stock at $13 cash per share. b. Reacquired 1,600 shares at $16 cash per share from stockholders; the shares are now held in treasury. c. Reissued 800 of the shares in transaction (b) two months later at $19 cash per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the re-issuance of 800 shares of treasury stock previously purchased for a price of $16 per share and sold for $19 per share. Note: Enter debits before credits Debit Credit Transactio General JournalD Record entry Clear entry View general journal
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