User Account

All Pages

What is the journal entry for the sale

Assignment Help Accounting Basics
Reference no: EM132446819

Question - Fleek Dress Company previously purchased 8,000 shares of treasury stock on the open market for $8 per share. Later, the company resells 5,000 shares for $10 per share. What is the journal entry for the sale?

debit cash, $50,000; credit treasury stock, $50,000

debit cash, $50,000; credit treasury stock, $40,000; credit retained earnings, $10,000

debit cash, $50,000; credit treasury stock, $10,000; credit additional paid-in capital, $40,000

debit cash, $50,000; credit treasury stock, $40,000; credit additional paid-in capital-treasury stock, $10,000

Reference no: EM132446819

Questions Cloud

Describe the role of organizational development : Describe the role of organizational development in contemporary organizations. How does organizational development help organizations prepare for or implement.
What changes in business software platforms : What important trends in business hardware are occurring? What relationship do you see happening between hardware changes and software?
Types of knowledge impact practitioners : Explain how these two types of knowledge impact practitioners' choice of interventions.
Explain in detail why reports are written : Explain in detail why reports are written. Identify the various types of reports. What information should a report contain? How should abbreviations be used.
What is the journal entry for the sale : Fleek Dress Company previously purchased 8,000 shares of treasury stock on the open market for $8 per share. What is the journal entry for the sale
What you found most surprising or interesting about topic : Write 1-2 paragraphs about what you found most surprising, challenging, or interesting about the week's topic. Were any assumptions you held challenged?
What type of impact is there on the company : What type of impact is there on the company when employees are unable to adequately complete the tasks of their job? What do you think can lead to this?
Identify the four pillars of brand equity : Identify the four pillars of brand equity, according to BrandAsset Valuator model.Which of the following would be the best illustration of a secondary belief
Difference between diversity management-affirmative action : What is the difference between Diversity Management and Affirmative Action?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate accounting break-even and cash break-even points

In each of the following cases, calculate the accounting break-even and the cash break-even points. Ignore any tax effects in calculating the cash break-even.

  Optimal capital budget

OPTIMAL CAPITAL BUDGET Marble Construction estimates that its WACC is 10% if equity comes from retained earnings. However, if the company issues new stock to raise new equity, it estimates that its WACC will rise to 10 8%.

  What accounts are increased andor decreased by the receipt

on january 1 highland corporation purchased 85000 of six percent three-year bonds as long-term investment. iterest is

  Maxine peru the ceo of peru resources

Maxine Peru, the CEO of Peru Resources, hardly noticed the plate of savory quenelles de brochet and the glass of Corton Charlemagne '94 on the table before her. She was absorbed by the engineering report handed to her just as she entered the e..

  Discuss horizontal analysis and vertical analysis

Additionally also address the query in the main topic of where the input comes for the calculation

  Record the adjusting entry on december

A company lends $51,000 with 9% interest on May 1, 2018. This amount plus interest is due on April 30, 2019. Record the adjusting entry on December 31, 2018

  Cooks company sells two models of its product the king

cooks company sells two models of its product. the king sells for 140 and has varaible costs of 100. the queen sells

  Specific identification method

Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.

  Prepare the income statements for the two divisions

Question - Dual Transfer Pricing. Prepare the income statements for the two divisions and the company as a whole

  The company recorded this amount as an addition

On December 31, 2010, Jarnigan Co. estimated that 2% of its net sales of $400,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts.

  Compute the value of allinone as of january

Following table shows the 5 year projections for AllInOne, Inc. Compute the value of AllInOne as of January 1, Year + 1, using the residual income model

  What will be ttc dividend yield and capital gains yield

Taussig Technologies Corporation (TTC) has been growing at a rate of 20 percent per year in recent years. This same growth rate is expected to last.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd