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- Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. Purchased 5,000 shares of the company’s common stocks as treasury stock, paying cash of $18 per share. Sold 3,000 shares of the treasury stock for cash of $22 per share. Sold the remaining treasury stock for cash of $10 per share. What is treasury stock? What type of account is Treasury stock, and what is the account’s normal balance? Please I need answer for these questions. ThanksThe following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 400 shares of the company’s own common stock at $20 cash per share; the stock is now held in treasury. July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share. Sept. 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share. Required: Show the effects of each transaction on the accounting equation. Give the indicated journal entries for each of the transactions. What impact does the purchase of treasury stock have on dividends paid? What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income?The following selected transactions occurred for Corner Corporation:Feb. 1 Purchased 400 shares of the company’s own common stock at $20 cash per share;the stock is now held in treasury.July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share.Sept. 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share.Required:1. Show the effects of each transaction on the accounting equation.2. Give the indicated journal entries for each of the transactions.3. What impact does the purchase of treasury stock have on dividends paid?4. What impact does the reissuance of treasury stock for an amount higher than the purchaseprice have on net income?
- During your examination of the financial statements of Venus Corporation for the year ended December 31, 2020, you found a new account called "Investments." Your examination revealed that during 2020, Venus began a program of investments, and all investment-related transactions were entered in this account. Your analysis of this account for 2020 follows: VENUS CORPORATION Analysis of Investments Year Ended December 31, 2020 Date—2020 (i) Jupiter Ltd. Common Shares Feb. 14 Purchased 3,000 shares @ $ 55 per share $ 165,000 DR Jul. 26 Received 300 Jupiter common shares as a stock dividend. (Memorandum entry) Sep. 28 Sold the 300 Jupiter common shares received July 26 @ $ 70 per share $ 21,000 Credit (ii) Mars Ltd. Common Shares Apr. 30 Purchased 5,000 shares @ $ 40 per…Prepare entries to record the following transactions of Garcia Company. 2019 Jan. 1 Purchased 400 shares of Lopez Co. common stock for $3,000 cash. Lopez has 1,000 shares of common stock outstanding, and its policies will be significantly influenced by Garcia. Aug. 1 Lopez declared and paid a cash dividend of $2 per share. Dec. 31 Lopez reported net income for the year of $2,500. 2020 Aug. 1 Lopez declared and paid a cash dividend of $2.25 per share. Dec. 31 Lopez reported net income for the year of $2,750. 2021 Jan. 1 Garcia sold 100 shares of Lopez for $1,300 cash.The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 450 shares of the company’s own common stock at $25 cash per share; the stock is now held in treasury. July 15 Issued 125 of the shares purchased on February 1 for $35 cash per share. Sept. 1 Issued 85 more of the shares purchased on February 1 for $20 cash per share. E11-8 Part 2 Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
- On April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 62 cents per share payable to stockholders of record on May 20. The dividends will be paid on June 14. The company has 109,000 shares of stock outstanding. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > Record the appropriate journal entry on April 15 related to the cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit April 15 Record entry Clear entry View general journalDakota Skye opened Clean 4 U, Inc. on March 1, 2023. During March, the following transactions were completed: Mar. 1 Issued 5,000 shares of Clean 4 U, Inc. Common Stock for $15,000. Each share has a $1.50 par. 1 Paid $250 to BeamSpeed for internet and phone service for March. 1 Borrowed $8,000 on a 2-year, 7.4% note payable. 2 Paid $9,500 to purchase used floor and window cleaning equipment from a company going out of business ($4,850 was for the floor equipment and $4,650 for the window equipment). 3 Discussions with an insurance agent indicated that providing outside window cleaning services would cost too much to insure. Dakota sold the window cleaning equipment for $4,485 cash. 3 Negotiated insurance coverage at a yearly rate of $12,840. Clean 4 U paid $3,210 cash for three months of coverage. 3 Hired 5 employees. Each will be paid $650 per 5-day work week (Monday-Friday). Employees will begin…Karen Noonan opened Sage Hill Cleaning Services Inc. on February 1, 2022. During February, the following transactions were completed: Feb. 1 Issued 4,100 shares of Sage Hill Cleaning Services common stock for $10,660. Each share has a $1.50 par. 1 Borrowed $6,560 on a 2-year, 6% note payable. 1 Paid $7,400 to purchase used floor and window cleaning equipment from a company going out of business ($3,950 was for the floor equipment and $3,450 for the window equipment). 1 Paid $180 for February Internet and phone services. 3 Purchased cleaning supplies for $800 on account. 4 Hired 4 employees. Each will be paid $390 per 5-day work week (Monday- Friday). Employees will begin working Monday, February 9. 5 Obtained insurance coverage for $8,070 per year. Coverage runs from February 1, 2022, through January 31, 2023. Karen paid $2,018 cash for the first quarter of coverage. Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to…
- Notebook Company had the following transactions in 2019, its first year of operations. · Issued 2,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $50.00 per share. · Issued 100 shares of $100 par value preferred stock. Shares were issued at par. · Earned net income of $95,000. · Paid dividends of $5,000. At the end of 2019, prepare the stockholders' Equity section.Prepare journal entries for Eddington Corp. for the following transactions: 5/25/23: Purchased 3,000 shares of Vistavia Corp. common stock at $30 per share plus $2,700 in brokerage fees. 9/23/23: Sold 500 shares of Vistavia Corp. common stock at $28 per share.During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 240 shares of the company's common stock at $30 cash per share. b. June 14: Sold 60 of the shares purchased on April 1 for $35 cash per share. c. September 1: Sold 50 of the shares purchased on April 1 for $25 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Repurchased 240 shares of the company's common stock at $30 cash per share. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Record entry Clear entry View general journal
