During the year the following selected transactions affecting stockholders\' equ

Question

During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: 30 shure of he compar'wCTmon atack at 533 cash per share b An 1d Sol 90 shas of the sharee unchedo Apel 1 or S3R cash per share t. Spt 1 Sold 80 shas of hh punchinsd on April 1 for 128 cnh per share. Required: 1. Prepare journal 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.) Journal entry worksheet bNo joualay required Bonds payabe

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Apr 1 Treasury Stock (390*33) 12870 Cash 12870 (To record treasury stock purchased) June 14 Cash (90*38) 3420 Treasury Stock (90*33) 2970 Paid in capital from sale of treasury Stock 450 (To record Sale of treasury Stock) Sep 1 Cash (80*28) 2240 Paid in capital from sale of treasury Stock 400 Treasury Stock (80*33) 2640 (To record Sale of treasury Stock)

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