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 220 shares of the company's own common stock at $27 cash per share. b. Jun. 14 Sold 50 shares of the shares purchased on April 1 for $32 cash per share c. Sept. 1 Sold 40 shares of the shares purchased on April 1 for $22 cash per share. Required: 1. Prepare jounal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) View transaction list Journal entry worksheet Repurchased 220 shares of the company's own common stock at $27 cash per share Note: Enter debits before credits. Debit Credit Transaction I Journal Record entry Clear entry View general journal References eBook & Resources

Explanation / Answer

Transaction General Journal Debit Credit a Treasury stock (220 shares x $27) $5,940 Cash $5,940 b. Cash (50 shares x $32) $1,600 Treasury stock (50 shares x $27) $1,350 Additional paid-in Capital $250 c Cash (40 shares x $22) $880 Additional paid-in Capital $200 Treasury stock (40 shares x $27) $1,080

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