1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Stella [2.4K]
3 years ago
8

During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 R

epurchased 230 shares of the company's own common stock at $27 cash per share. b. Jul. 15 Sold 130 of the shares purchased on February 1 for $28 cash per share. c. Sept. 1 Sold 100 of the shares purchased on February 1 for $26 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
sattari [20]3 years ago
5 0

Answer:

a. Feb. 1

Treasury Shares $6,210 (debit)

Cash $6,210 (credit)

b. Jul. 15

Cash $3,600 (debit)

Common Shares $3,600 (credit)

c. Sept. 1

Cash $2,600 (debit)

Common Shares $2,600 (credit)

Explanation:

The purchase of company own shares is known as <em>Treasury Shares</em>.This decreases the equity element (Treasury Shares) and decreases the Assets of Cash.

Issue of Company own shares increases the Equity element (Common Shares) and decreases the Assets of Cash.

You might be interested in
An assessment of costs and benefits inevitably involves
Kamila [148]
Value judgments and factual uncertainties
6 0
2 years ago
Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2
yan [13]

Answer:

$50,120

Explanation:

Account receivable on December 31, 2021 × 3% = 600

Account receivable on December 31, 2021 = $600 ÷ 3% = $20,000

Accounts receivable on January 1, 2021 = $20,000 - $118,000 + $148,000 + $120 = $50,120

Therefore, the balance of accounts receivable on January 1, 2021 is $50,120.

5 0
3 years ago
Handwriting and correct spelling on a work order aren't all that important because they have nothing to do with how well you fix
MArishka [77]

the answer here is false


5 0
3 years ago
​Ronald, Ross, and Carol opened a partnership firm. Ronald has a capital of​ $77,000; Ross has a capital of​ $119,000; and Carol
gtnhenbr [62]

Answer:

A. Carol, Capital is debited for $4,500

Explanation:

The question says to determine amount to be included in the journal entry to record Ronald's withdrawal from the partnership

Assumption: Equal Profit- loss sharing is the agreement between the existing partners.

First premise: Ronald's Capital in the Partnership = $77,000

However, Ronald received a payment of $86,000 meaning that there is an excess of $86,000-$77,000= $9,000

Since the agreement is equal profit and loss sharing, it means each of Ross and Carol will contribute 1/2 of the $9,000.

The journal entry to record this transaction is as follows:

Particulars                                          Debit                     Credit

Carol Capital Account                      $4,500

Ross Capital Account                       $4,500

Ronald Capital Account                                                  $9,000

Being the equal contribution of excess amount paid to Ronald on exit from the partnership by Carol and Ross.

Based on the multiple choices, the correct answer is Carol, Capital is debited for $4,500

4 0
3 years ago
Table 13-8 quantity of output fixed cost variable cost 0 $20 $0 1 $20 $10 2 $20 $40 3 $20 $80 4 $20 $130 5 $20 $200 6 $20 $300 r
OverLord2011 [107]
the answer is is is
5
4 0
3 years ago
Other questions:
  • Asking "Who would buy my product?" in a survey is an example of what?
    15·2 answers
  • Suppose that real domestic output in an economy is 20 units, the quantity of inputs is 10, and the price of each input is $4. An
    7·1 answer
  • In order have legal standing, ____.
    11·1 answer
  • Auction sites like ebay have increased opportunities for __________ marketing.
    14·1 answer
  • Revenue is traditionally recognized in the accounting records when
    7·1 answer
  • For an investor seeking a tax sheltered investment, the primary advantage of a real estate direct participation program is the:
    8·1 answer
  • Department S had no work in process at the beginning of the period. It added 13,000 units of direct materials during the period
    6·1 answer
  • Terry traveled to a neighboring state to investigate the purchase of two hardware stores. His expenses included travel, legal, a
    13·1 answer
  • General partners must obtain approval from a majority of the limited partners in order to manage the business. True or False
    5·1 answer
  • A 401(k) plan and the nonprofit equivalent, called a 403(b) plan, are______ reduction plans that reduce your salary by the amoun
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!