Question
The December 31, 2019 shareholders' equity section of Refozar Corporation's statement of financial position is as follows: Refozar Corporation Partial Statement of Financial Position December
The December 31, 2019 shareholders' equity section of Refozar Corporation's statement of financial
position is as follows:
Refozar Corporation
Partial Statement of Financial Position
December 31, 2019
Shareholders' Equity
Share Capital
Ordinary Shares, P4 par, 200,000 shares authorized,
150,000 shares issued and outstanding P 600,000
Share Premium 375,000
Total Share Capital P 975,000
Retained Earnings 365,000
Total Shareholders' Equity P1,340,000
Required:
Prepare the journal entries to record the following transactions that took place during
January 2020:
Jan. 4 Purchased 24,000 shares of its own Refozar's stock for P168,000.
10 Sold 4,000 shares of the treasury stock for P9 per share.
29 Sold 14,000 shares of the treasury stock for P6 per share.
31 Sold the remaining 6,000 shares of treasury stock for P7 per share.
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
