Reference no: EM132682869
A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares).
Question 1: Prepare the journal entries that should have been recorded for each of the transactions.
- Transactions affecting retained earnings
- Indicate by letter whether each of the transactions listed below increases (I), decreases (D), or has no effect (N) on retained earnings. Assume the shareholders' equity of the transacting company includes only common stock, paid-in capital-excess of par, and retained earnings at the time of each transaction. (Some transactions have two possible answers. Indicate both.)
Transactions
1. Sale of common stock
2. Purchase of treasury stock at a cost less than the original issue price
3. Purchase of treasury stock at a cost greater than the original issue price
4. Declaration of a property dividend
5. Sale of treasury stock for more than cost
6. Sale of treasury stock for less than cost
7. Net income for the year
8. Declaration of a cash dividend
9. Payment of a previously declared cash dividend
10. Issuance of convertible bonds for cash
11. Declaration and distribution of a 5% stock dividend
12. Retirement of common stock at a cost less than the original issue price
13. Retirement of common stock at a cost greater than the original issue price
14. A stock split effected in the form of a stock dividend
15. A stock split in which the par value per share is reduced (not effected in the form of a stock dividend)
16. A net loss for the year
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