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: a. Apr. 1 Repurchased 240 shares of the company's own common stock at $20 cash per share b Jun. 14 Sold 100 shares of the shares purchased on April 1 for $25 cash per share. c. Sept. 1 Sold 90 shares of the shares purchased on April 1 for $15 cash 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.) View transaction list Journal entry worksheet Repurchased 240 shares of the company's own common stock at $20 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

1) Dr. Treasury stock $4800

Cr. Cash $4800

(240 * $20)

2) Dr. Cash $2500

Cr. Treasury stock $2000

Cr.Additional stock-in-capital $500

(Cash: 100*$25 ; Treasury 100 * 20)

3) Dr. Cash $1350

Dr.Additional stock-in-capital $450

Cr. Treasury stock $1800

(Cash: 90*$15; Treasury 90 *$ 20)

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