InstructionsOn January 31, Wilderness Resorts Inc. reacquired 23,900 shares of its common stock at $31 per share. On April 20,Wilderness Resorts sold 14,000 of the reacquired shares at $40 per share. On October 4, Wilderness Resorts sold theremaining shares at $29 per share.Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording ofaccount titles.JournalJOURNALDESCRIPTIONPOST. REF.DEBITCREDIT12BDATEAS

Treasury shares are those shares which are being repurchased or reacquired by the business from its…

Answered: Instructions On January 31, Wilderness…

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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On January 31, Wilderness Resorts Inc. reacquired 24,300 shares of its common stock at $31 per share. On April 20, Wilderness Resorts sold 14,900 of the reacquired shares at $41 per share. On October 4, Wilderness Resorts sold the remaining shares at $29 per share. Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Wilderness Resorts Inc.General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock…
On January 31, Outback Coast Resorts Inc. reacquired 18,700 shares of its common stock at $45 per share. On April 20, Outback Coast Resorts sold 10,600 of the reacquired shares at $52 per share. On October 4, Outback Coast Resorts sold the remaining shares at $37 per share. Required: Journalize the transactions of January 31, April 20, and October 4. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS Outback Coast Resorts Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Merchandise Sold
On June 5, Belen Corporation reacquired 3,300 shares of its own common stock at $45 per share. On July 15, Belen sold 2,000 of the reacquired shares at $48 per share. On August 30, Belen sold the remaining shares at $42 per share. Journalize the transactions of June 5, July 15, and August 30. Refer to the Chart of Accounts for exact wording of account titles.
On May 27, Buzz Off Inc. reacquired 80,000 shares of its common stock at $9 per share. On August 3, Buzz Off sold 54,000 of the reacquired shares at $12 per share. On November 14, Buzz Off sold the remaining shares at $7 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. Date Account Debit Credit May 27 Aug. 3 Nov. 14
On February 14, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On March 15, Marine sold 4,500 of the reacquired shares at $34 per share. On June 2, Marine sold the remaining shares at $28 per share. Required: Journalize the transactions of Februaryl4, March 5, and June 2.
On May 27, Kick Off Inc. reacquired 3,000 shares of its common stock at $54 per share. On August 3, Kick Off sold 1,700 of the reacquired shares at $57 per share. November 14, Kick Off sold the remaining shares at $53 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Aug. 3 Nov. 14
On May 27, Buzz Off Inc. reacquired 4,600 shares of its common stock at $19 per share. On August 3, Buzz Off sold 2,800 of the reacquired shares at $22 per share. November 14, Buzz Off sold the remaining shares at $18 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank,
On May 27, Mama Mia Inc. reacquired 78,000 shares of its common stock at $8 per share. On August 3, Mama Mia sold 53,000 of the reacquired shares at $11 per share. On November 14, Mama Mia sold the remaining shares at $6 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank.
On January 31, Wilderness Resorts Inc. reacquired 22,500 shares of its common stock at $31 per share. On April 20, Wilderness Resorts sold 12,800 of the reacquired shares at $40 per share. On October 4, Wilderness Resorts sold the remaining shares at $28 per share.Journalize the transactions of January 31, April 20, and October 4.
On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)
On May 27, Buzz Off Inc. reacquired 76,000 shares of its common stock at $8 per share. On August 3, Buzz Off sold 51,000 of the reacquired shares at $11 per share. On November 14, Buzz Off sold the remaining shares at $6 per share.Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank.May 27 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Aug. 3 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 Nov. 14 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21
On February 1, Motorsports Inc. reacquired 7,500 shares of its common stock at $30 per share. On March 15, Motorsports sold 4,500 of the reacquired shares at $34 per share. On June 2, Motorsports sold the remaining shares at $28 per share. Journalize the transactions of February 1, March 15, and June 2.

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