Trevor Track Co. issues 5,000 shares of $1.50 par value common stock for $9 per

Question

Trevor Track Co. issues 5,000 shares of $1.50 par value common stock for $9 per share.

What is the journal entry to record this transaction? (You may or may not need all rows of this textbox).

Trevor Track Co. repurchases 250 of its own common shares for Treasury for $5.75 per share. What is the journal entry to record this transaction? (You may or may not need all rows of this textbox).

Assuming the above transactions represent all of the common stock activity of Trevor Track Co., how many common shares are issued?

Assuming the above transactions represent all of the common stock activity of Trevor Track Co., how many common shares are in treasury?

Assuming the above transactions represent all of the common stock activity of Trevor Track Co., how many common shares are outstanding?

On Nov. 1, 2017, the board of directors of Disney Claire Inc. declared a $7.00 per share cash dividend on 90,000 shares of $1 par value common stock. The dividend will be paid to stockholders’ who own shares on Dec. 29, 2017. The dividend will be paid on Feb. 14, 2018. What journal entry, if any, is required on each of the following dates?

Nov. 1, 2017

Dec. 29, 2017

Feb. 14, 2018

Explanation / Answer

Journal in the Books of Trevor Track Co. S. No. Account Tittle & Explanation Debit Credit 1 Cash (5000 ShareX $9) $45,000.00 Common Stock - Par Value ($5000X $1.50) $7,500.00 Addition in Excess of Par Value -Common Stock $37,500.00 To Record Issued 5000 Share @ $9 2 Treasry Stock (250 X $5.75) $1,437.50 Cash (250X$5.75) $1,437.50 To Record Repurchase of Treasury Stock No. of Common Share Issued : 5000 Share No. Common Share are in Treasry : 250 Share No. of Common Share Outstanding: (5000-250)= 4750 Note: As per Chegg Policy only First question can be solved

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