Chrome File Edit ViewHistory Bookmarks People Window Help Chapter 11-Connect jac

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Chrome File Edit ViewHistory Bookmarks People Window Help Chapter 11-Connect jack C O ezto.mheducation.com/hm.tpx 9.09 points During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a Apr. 1 Repurchased 250 shares of the company's own common stock at $22 cash per share. b Jun. 14 Sold 120 shares of the shares purchased on April 1 for $27 cash per share. c Sept 1 Sold 110 shares of the shares purchased on April 1 for $17 cash per share Required: 1. Prepare jourmal entries 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) View transaction list Journal entry worksheet Repurchased 250 shares of the company's own common stock at $22 cash per share. Note: Enter debits before credits. Record entry Clear entry View general journal x I

Explanation / Answer

JOurnal entry :

No accountss & explanation debit credit a Treasury Stock (250*22) 5500 Cash 5500 (To record treasury stock purchased) b Cash (120*27) 3240 Paid in capital from sale of treasury stock 600 Treasury stock (120*22) 2640 (To record sale of treasury stock) c Cash (110*17) 1870 Paid in capital from sale of treasury stock 550 Treasury stock (110*22) 2420 (To record sale of treasury stock)

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