On January 1. 2022, the stockholders' equity section of Sheffield Corporation shows common stock ($4 par...
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On January 1. 2022, the stockholders' equity section of Sheffield Corporation shows common stock ($4 par value) $1,200,000; paid- in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 47.000 shares for cash at $15 per share. July Sold 10,000 treasury shares for cash at $17 per share. Sept. Sold 8,500 treasury shares for cash at $14 per share. (a) Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) $11 per share, (List all debit entries before credit Restate the entry for September 1, assuming the treasury shares were sold entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer On January 1. 2022, the stockholders' equity section of Sheffield Corporation shows common stock ($4 par value) $1,200,000; paid- in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 47.000 shares for cash at $15 per share. July Sold 10,000 treasury shares for cash at $17 per share. Sept. Sold 8,500 treasury shares for cash at $14 per share. (a) Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) $11 per share, (List all debit entries before credit Restate the entry for September 1, assuming the treasury shares were sold entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer
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Answer rating: 100% (QA)
Date Account Title Coredil Debit Explanation Maxch Treasury stock Cash 705000 705000 4 t000 x 15 Pur... View the full answer
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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