Kingbird Corporation has outstanding 21,000 shares of $5 par value common stock. On August 1, 2025, Kingbirdreacquired 210 shares at $87 per share. On November 1, Kingbird reissued the 160 shares at $75 per share. Kingbird had no previoustreasury stock transactions.Prepare Kingbird's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts. Record entries in the order displayed in the problem statement.)Account Titles and ExplanationDebitTreasury StockDate8/1/2511/1/25CashCashRetained EarningsTreasury Stock182701000182706270Credit182711200X

Treasury Stock is an own share purchased by the organization from the open market. They can either…

Answered: Kingbird Corporation has outstanding…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ivanhoe Inc. has outstanding 11,500 shares of $10 par value common stock. On July 1, 2020, Ivanhoe reacquired 111 shares at $87 per share. On September 1, Ivanhoe reissued 60 shares at $95 per share. On November 1, Ivanhoe reissued 51 shares at $85 per share.Prepare Ivanhoe’s journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Marigold Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Marigold reacquired 105 shares at $87 per share. On September 1, Marigold reissued 62 shares at $91 per share. On November 1, Marigold reissued 43 shares at $84 per share. Prepare Marigold's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 11/1/20
Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020, Sheffield reacquired 113 shares at $88 per share. On September 1. Sheffield reissued 62 shares at $94 per share On November 1, Sheffield reissued 51 shares at $0 per share. Prepare Sheffield's journal entries to record these transactions using the cost method (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account ttles and enter O for the amounts) Date Account Titles and Explanation Debit Credit 11/1/20 |||| I
Swifty Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2025, Swifty reacquired 190 shares at $79 per share. On November 1, Swifty reissued the 140 shares at $70 per share. Swifty had no previous treasury stock transactions. Prepare Swifty's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date 8/1/25 11/1/25 Account Titles and Explanation Treasury Stock Cash Cash Paid-in Capital from Treasury Stock Treasury Stock Debit 15010 9800 100 5210 Credit 15010 15010
In 2020, Sage Inc. Issued 1,100 shares of $10 par value common stock for land worth $45,900. (a) Prepare Sage's Journal entry to record the transactlon. (Credit account titles are automaticaly indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (b) Indicate the effect the transactlon has on cash. (c) Indicate how the transactlon is reported on the statement of cash flows. Sage Inc. Statement of Cash Flows (Partial)
On February 1, 2020, Kingbird Corporation issued 3,900 shares of its $5 par value common stock for land worth $22,100.Prepare the February 1, 2020, journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
On January 1, 2020, Vaughn Manufacturing issued 15,000 shares of $4 par value common stock for $180,000. On March 1, 2020, the company purchased 3,800 shares of its common stock for $17 per share for the treasury. Journalize the stock transactions of Vaughn Manufacturing in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Jan. 1 March 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock Treasury Stock Cash Debit |||| 64600 Credit 64600
Crane Corporation issued 250 shares of $10 par value common stock for $3,750.Prepare Crane’s journal entry. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Pronghorn Corp purchased 2,100 shares of its $10 par value common stock for $79,800 on August 1. It will hold these in the treasury until resold. Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 1
Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Metlock issued 4,400 shares of restricted stock units instead of 4,400 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount Please help with Journal Entry and Solving.
Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Marigold issued 4,400 shares of restricted stock units instead of 4,400 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Jan. 1, 2025 Dec. 31, 2026 Account Titles and Explanation Debit Credit
Waterway Company has the following stockholders’ equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,700 shares) $502,800 Retained Earnings 277,400 (a) Prepare entries in journal form to record the following transactions, which took place during 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (1) 260 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) (2) A $20 per share cash dividend was declared. (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $103 per share. (5) 480 shares of outstanding stock were purchased at $106 per share. (6) 370 of the shares purchased in (5) above were resold at $96 per share.

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