Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $38,200 and declared no dividends; the following selected transactions occurred in the order given: a. Issued 60,000 shares of the common stock at $12 cash per share. b. Reacquired 2,000 shares at $15 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,000 of the shares in transaction (b) two months later at $18 cash per share. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry equired" in the first account field.) Journal entry worksheet Record the purchase of 2,000 shares of previously issued common stock for a price of $15 per share. Note: Enter debits before credits. Journal entry worksheet Record the re-issuance of 1,000 shares of treasury stock previously purchased for a price of $15 per share and sold for $18 per share. Note: Enter debits before credits
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $38,200 and declared no dividends; the following selected transactions occurred in the order given: a. Issued 60,000 shares of the common stock at $12 cash per share. b. Reacquired 2,000 shares at $15 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,000 of the shares in transaction (b) two months later at $18 cash per share. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry equired" in the first account field.) Journal entry worksheet Record the purchase of 2,000 shares of previously issued common stock for a price of $15 per share. Note: Enter debits before credits. Journal entry worksheet Record the re-issuance of 1,000 shares of treasury stock previously purchased for a price of $15 per share and sold for $18 per share. Note: Enter debits before credits 