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madam [21]
3 years ago
8

Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its $1 par common

stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the repurchase of stock on June 30?
Business
1 answer:
Viktor [21]3 years ago
3 0

Answer:

June 30, repurchase of 100 shares:

Dr Treasury stock 4,000

    Cr Cash 4,000

Explanation:

The other journal entries should be as follows

July 20, resale of 50 shares:

Dr Cash 2,300

    Cr Treasury stock 2,000

    Cr Additional paid in capital 300

August 1, resale of 20 shares:

Dr Cash 760

Dr Additional paid in capital 40

    Cr Treasury stock 800

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Information granularities

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Archy [21]

Answer:

          Stockholders Equity

Preferred Stock                375,000

Common Stock                562,500

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Total Equity                    1,325,4‬00

Explanation:

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blagie [28]

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