On July 1, Riverbed Corporation purchases 600 shares of its $5 par value common stock for...

  

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On July 1, Riverbed Corporation purchases 600 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 350 shares of the treasury stock for cash at $14 per share. Journalize the two 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.) Account Titles and Explanation Date July 1 Sept. 1 Debit Credit Whispering Winds Corporation issued 1,750 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) (e) The stock had a par value of $8.00 per share and was issued for a total of $48,500. The stock had a stated value of $8.00 per share and was issued for a total of $48,500. The stock had no par or stated value and was issued for a total of $48,500. The stock had a par value of $8.00 per share and was issued to attorneys for services during incorporation valued at $48,500, The stock had a par value of $8.00 per share and was issued for land worth $48,500. On June 1, Bridgeport Inc. issues 3,650 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit Credit On July 1, Riverbed Corporation purchases 600 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 350 shares of the treasury stock for cash at $14 per share. Journalize the two 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.) Account Titles and Explanation Date July 1 Sept. 1 Debit Credit Whispering Winds Corporation issued 1,750 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) (e) The stock had a par value of $8.00 per share and was issued for a total of $48,500. The stock had a stated value of $8.00 per share and was issued for a total of $48,500. The stock had no par or stated value and was issued for a total of $48,500. The stock had a par value of $8.00 per share and was issued to attorneys for services during incorporation valued at $48,500, The stock had a par value of $8.00 per share and was issued for land worth $48,500. On June 1, Bridgeport Inc. issues 3,650 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit Credit

Answer rating: 100% (QA)

1 Purchase of Treasury Stock on July 1 Date July 1 Account Titles Debit Credit Treasury Stock 6000 Cash 6000 Calculations Shares Purchased 600 Price p... View the full answer