Accounting help stock journal entry?
Feb. 1 Purchased 2000 shares of Cagney Company (10%) for $33,200 cash plus brokerage fees of $800 June 1 Received cash dividends of $2 per share on Cagney's stock Oct. 1 Sold 800 shares of Cagney stock for $16000 less brokerage fees of $400 the entry to record the purchase of the cagney stock would include a a.) debit to stock investments for 33,200 b.) debit to stock investments for 34,000 c.) debit to Investment Expense for 800 d.) credit to cash for 33,200
Accounting journal entries?
Jan. 1 Purchased 4,000 shares of its own stock at $25 cash per share. Dr Treasury Stock 100,000 Cr Cash 100,000 Jan. 5 Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. 55,000 - 4,000 = 51,000 shares outstanding. Dr Cash Dividends 204,000 (51,000 x 4) Cr Dividends Payable 204,000 Feb. 28 Paid the dividend declared on January 5. Dr Dividends Payable 204,000 Cr Cash 204,000 July 6 Sold 1,500 of its treasury shares at $29 cash per share. Dr Cash 43,500 Cr Common Treasury Stock 37,500 (1,500 x 25) Cr Paid-In Capital from Sale of Treasury Stock 6,000 Aug. 22 Sold 2,500 of its treasury shares at $22 cash per share. Dr Cash 55,000 Dr Paid-In Capital from Sale of Treasury Stock 6,000 Dr Retained Earnings 1,500* Cr Common Treasury Stock 62,500 (2,500 x 25) *Note: You cannot debit the Paid-In Capital from Sale of Treasury Stock account for more than it has been credited. Any difference will be made to the Retained Earnings account. Sept. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. There are now 56,000 shares outstanding Dr Cash Dividends 224,000 Cr Dividends Payable 224,000 Oct. 28 Paid the dividend declared on September 5. Dr Dividends Payable 224,000 Cr Cash 224,000 Dec. 31 Closed the $428,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Dr Income Summary 428,000 Cr Retained Earnings 428,000
Accounting, What is the journal entry for the stock issuance?
Gordon company issued 10,000 shares of common stock for $1,120,000 cash. The common stock has a par value of $100 per share. Give the journal entry for the stock issuance.
What type of accounting is treasury stock accounting? What journal entry would be appropriate for the acquisition and reissuance of treasury stock?
Good question!Treasury stock occurs when a firm repurchases its own outstanding shares of stock. A firm may buy back its own stock for a number of reasons, but a common reason is to take advantage of undervaluation; if its stock is considerably undervalued, a firm may buy back some shares and eventually reissue them at a higher price, increasing its equity without needing to issue additional shares of stock.The cost to acquire treasury stock is not classified as an asset, but rather a deduction from equity. The Treasury Stock account is a contra-equity account (specifically a contra-stockholders’ equity account).The following examples refer to common stock, but any class of stock can be treasury stock. Treasury stock, however, must be accounted for by each class separately.When treasury stock is acquired, it is recorded at cost:(Dr.) Treasury Stock—Common ………… $1,200,000(Cr.) Cash ………… $1,200,000Acquired 100,000 shares of treasury stock at $12 each.When treasury stock is reissued for more than what it was acquired for, the excess is credited to Paid-In Capital from Treasury Stock:(Dr.) Cash ………… $700,000 [50,000 × $14](Cr.) Treasury Stock—Common ………… $600,000 [50,000 × $12](Cr.) Paid-In Capital from Treasury Stock—Common ………… $100,000Reissued 50,000 shares of treasury stock (acquired at $12) for $14 each.When treasury stock is reissued for less than what it was acquired for, the difference is debited to Paid-In Capital from Treasury Stock:(Dr.) Cash ………… $500,000 [50,000 × $10](Dr.) Paid-In Capital from Treasury Stock—Common ………… $100,000(Cr.) Treasury Stock—Common ………… $600,000 [50,000 × $12]Reissued 50,000 shares of treasury stock (acquired at $12) for $10 each.When treasury stock is reissued for less than what it was acquired for, the difference is debited to Paid-In Capital from Treasury Stock and then, if the balance of that account is insufficient, to Retained Earnings:(Dr.) Cash ………… $450,000 [50,000 × $9](Dr.) Paid-In Capital from Treasury Stock—Common ………… $100,000(Dr.) Retained Earnings ………… $50,000(Cr.) Treasury Stock—Common ………… $600,000 [50,000 × $12]Reissued 50,000 shares of treasury stock (acquired at $12) for $9 each.
Accounting stock entries?
1. The stock has neither par nor stated value Dr Cash $144 000 Cr Common stock $144 000 2. The stock has $20 par value Dr Cash $144 000 Cr Common Stock $120,000 Cr Paid-in Capital in Excess of Par Value $24,000 3. The stock has $8 stated value Dr Cash $144 000 Cr Common Stock $48,000 Cr Paid-in Capital in Excess of Stated Value $96,000
Sold shares accounting journal entry?
July 11, 2009 Dr Investment in XY Corp. 5,300 (275 shares x $19 per share plus $75) Cr Cash 5,300 to record purchase of shares Dr Cash 7,335 (275 shares x $27 minus $90) Cr Investment in XY Corp. 5,300 Cr Gain on sale of investment 2,035 to record sale of investments
Financial accounting help w/ journal entries?
1. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,500. The stock has no stated value. Dr Organisation expenses $51,500 Cr Common stock $51,500 2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,500. The stock has a $3 per share stated value. Dr Organisation expenses $51,500 Cr Common stock $4,500 Cr Paid-in capital in excess of stated value $47,000 3. A corporation issued 3,000 shares of $5 par value common stock for $18,000 cash. Dr CAsh $18,000 Cr Common stock $15,000 Cr Paid-in capital in excess of par value $3,000 4. A corporation issued 750 shares of $100 par value preferred stock for $126,500 cash. Dr Cash $126,500 Cr PReferred stock $75,000 Cr Paid-in capital in excess of par - preferred stock $51,500
Accounting Question...Journalizing stock transactions...?
Feb.1 Cash(Dr) $25,000 Common stock(Cr) $15,000 Paid-in capital in excess of par value(Cr) $10,000 Mar.20 Correct June 14 Correct Sept.3 Correct Dec. 31 Dr Income summary $340,000 Cr Retained earnings $340,000 (being net income for the yr) (b) Enter the beginning balance in the accounts and post the journal entries to the stockholders’ equity accounts. These are all the beginning accounts - just enter them in the General Ledger: Preferred Stock(10%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($5 stated value, 300,000 shares authorized) $1,000,000 Paid-in Capital in Excess of Par Value – Preferred Stock $20,000 Paid-in Capital in Excess of Stated Value – Common Stock $425,000 Retained Earnings $488,000 Treasury Stock – Common (5,000 shares) $40,000 Next, enter all the journal entries you have done under part (a) into your GL. (c) Prepare a stockholders’ equity section at December 31, 2008. This is what you'll get after you've posted all your journal entries. Stockholders’ equity section Preferred Stock(10%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($5 stated value, 300,000 shares authorized) $1,025,000 Paid-in Capital in Excess of Par Value – Preferred Stock $20,000 Paid-in Capital in Excess of Stated Value – Common Stock $442,000 Retained Earnings $828,000 Treasury Stock – Common (5,000 shares) $20,000 (Dr) Additional paid-in-capital (treasury stock) $4,000 (Cr) ...Net treasury stock $16,000 (Dr) Total stockholders' equity $2,599,000 (d) Compute the book value per share of common stock at December 31, 2008 To calculate book value, divide total common stockholders' equity by the average* number of common shares outstanding. If preferred stock exists, the preferred stockholders' equity is deducted from total stockholders' equity to determine the total common stockholders' equity. Book value = ($2,599,000 - $300,000 - $20,000)/(195,000 + 202,500)/2 = $2,279,000/198,750 = $11.47 per share *If your teacher says to just use the year-end no. of common shares outstanding instead of the average, then just use 202,500. Pls read the attached lectures.
Why is opening stock debited in a trading account?
I assume that the question is about the accounting procedure adopted for recording the closing stock and opening in the business;The Trading account is a summary of the balances in the accounts of various items used for trading;when the company commences its business, it buys stock and sells it out, as it out (without processing) or might use the same in their manufacturing process; at the end of the accounting period (could be monthly, half-yearly or annual or as the firm desires), all the materials purchased and remains unused, is treated as closing stock;Accordingly, the items sold/used for processing are accounted using the journal entry:Purchases account ————————-DrTrading & Profit&Loss Account ———CrAnd the unused items are aggregated and treated as Closing Stock and accounted as:Trading & Profit&Loss Account ———-DrClosing Stock Account ———————-Cr;Thus when the firm commences its business for the next accounting period, the entry is reversed, therefore the Closing Stock gets renamed as Opening Stock for the new period, hence shown as debit balance, as it is an asset;for more details pl refer to : Closing Stock, Opening Stock :: Recording Journal Entries
What is the journal entry for goods stolen?
Journal entryLoss by theft a/c Dr.To purchases a/cExplanation- Since theft of goods is a loss to the organisation , so loss by theft a/c is debited. Also, stock purchased for sales were debited in Purchases a/c at the time of purchases, now since this stock not available for sale, so expense of purchases has to be reduced, that is why Purchases a/c is credited.I hope i solved your query.