Please make the journal entries for these transactions: 1. A brand new company issued 30,000...

80.2K

Verified Solution

Question

Accounting

image
Please make the journal entries for these transactions: 1. A brand new company issued 30,000 shares of common stock. The company received $25 per share from the investors, and the par value is $5 per share. 2. The company declared a cash dividend of $7,000. 3. Two weeks later, the company paid the $7,000 dividend to the stockholders 4. The company bought back 3,000 shares of common stock from some stockholders for $40 per share. The company sold back to investors 2,000 of the shares it bought back in transaction #4 for $47 per share. The company sold back to investors 1,000 of the shares it bought back in transaction #4 for $37 per share. 5. 6

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!
Become a Member

Other questions asked by students