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Ahat [919]
2 years ago
15

Llewelyn Company purchased 1,000 shares of its own $10 par value common stock when the market price of the stock was $36 per sha

re. What journal entries would be used to record the purchase of treasury stock?
Business
1 answer:
VARVARA [1.3K]2 years ago
5 0

Answer: Increase the treasury stock account and decrease the cash account by $36,000.

Explanation:

The journal entries that would be used to record the purchase of treasury stock will be to increase the treasury stock account and decrease the cash account by $36,000.

Note that the $36000 was calculated as:

= 1,000 shares × $36 per share

= $36,000

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In March, Nigel agrees to sell manufactured goods to Marilyn, who agrees to pay for the goods by a promissory note, payable in s
Brilliant_brown [7]

Answer:

Marilyn take a good decision.

Explanation:

Marilyn refuses to pay Carl because Marilyn did not sell any goods due to its bad quality so Marilyn earn no money and is unable to pay Carl. Marilyn will be able to pay Carl if the goods are sold and she has the money but when there is no sale at all, Marilyn is unable to pay for the goods on the due time. Marilyn should return the goods to Nigel instead of paying money for it because these goods are useless and nobody will it at all.

4 0
3 years ago
A sales firm regularly enrolls some of its employees in a six-month marketing course with a leading university. At the end of th
Firlakuza [10]

Answer:

Externship

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Such a concept is also referred to as Job shadowing.

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3 years ago
5. A raise in the price of a product causes _____. a decrease in supply an increase in demand an increase in competition a decre
grigory [225]

Answer:

d

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6 0
2 years ago
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5 0
3 years ago
Pina Colada Corp. has the following transactions during August of the current year.
const2013 [10]

Answer and Explanation:

The indication of the basic analysis and the debit credit analysis is as follows;

Date                   Basic Analysis                    Debit - Credit Analysis

Aug. 1       The asset Cash is increased;     Debits increase assets;

              the stockholders' equity account   Debit Cash

                Common stock is increased.         $10,880

                                                      Credits increase stockholders' equity

                                                                      Credit Common stock

                                                                             $10,880

Aug. 4            The asset Prepaid Insurance        Debits increase assets;

                           is increased;                              Debit Prepaid Insurance

              the asset Cash is decreased.               $ 1,500

                                                                              Credits decrease assets;

                                                                             Credit Cash

                                                                              $ 1,500

Aug. 16        The asset Cash is increased;        Debits increase assets;

           the revenue Service revenue               Debit Cash

             is increased.                                         $880

                                                                          Credits increase revenues:

                                                                          Credit Service revenue

                                                                          $880

Aug. 27      The expense Salaries expense    Debits increase expenses:

                  is increased;                                Debit Salaries expense

                 the asset Cash is decreased.       $680.

                                                                       Credits decrease assets:

                                                                      Credit Cash

                                                                         $680

3 0
3 years ago
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