On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November 4, Zirbal reissued 850 sharesof this treasury stock for $8,500.Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock.View transaction listJournal entry worksheet1<>Record the purchase of 4,000 shares of its own stock for $36,000 cash.Note: Enter debitsDateGeneral JournalDebitCreditMay 03< Prev14 of 19Next >

sometime companies purchase share of their own stock from other stock holder of the company. such…

On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Prepare the May 3 and November 4 journal entries record Zirbal's purchase and reissuance of treasury stock. View transaction list

On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Prepare the May 3 and November 4 journal entries record Zirbal's purchase and reissuance of treasury stock. View transaction list

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...

See similar textbooks

Related questions

Q: The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDE...

A: Accumulated Depreciation on sold Building = Original cost - Book value = $300,000 - $70,000 = $230,0...

Q: Please answer Cash Budget To prepare a master budget for April, May, and June, management gathers t...

A: A cash budget is the estimation of all the future receipts and payments of cash and the balance call...

Q: Product-Line Earnings Statements (Dollar amounts are in thousands) Annual Costs of Operating Each An...

A: Product line income statement breaks down the profits and losses by product line. By doing this, the...

Q: The sections of the cash flow statement are: Select one: a. current, mid-term and noncurrent b. oper...

A: Cash flow statement Cash flow statement is a statement that describes section wise flow of cash, the...

Q: Ivanhoe Leasing Company agrees to lease equipment to Shamrock Corporation on January 1, 2020. The fo...

A: Lease: A lease is an agreement by which one party conveys land, property, administrations, and so fo...

Q: Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formul...

A: The revenue and spending variance is the variance between actual results and standard results of the...

Q: What is a tax consequence for a noncorporate shareholder who receives a liquidating distribution fro...

A: Under Sec. 331, a liquidating distribution is considered to be full payment in exchange for the shar...

Q: Presented below is information related to Hanshew Real Estate Agency: 1. Oct. 1: Hanshew begins busi...

A: Lets understand the basics. Journal entry is required to make to record financial event or transacti...

Q: 37. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Profession...

A: Expanded withholding tax is a type of withholding tax that is withheld on certain specified incomes ...

Q: Select all items which are correct. Land is listed on the depreciation schedule although it is...

A: Ans. Land is a non-depreciable asset. Since, the value of land appreciates it is never depreciated. ...

Q: Selling equipment originally purchased for $1,000 for $1,200 would result in O A credit to Equipment...

A: The journal entries are prepared to record the transactions of the business on day to day basis.

Q: the capital gains tax due is?

A: Capital gains tax is the tax which is computed on the capital assets which has been sold during the ...

Q: What are the advantages and disadvantages of the participatory approach to budgeting?

A: Participative budgeting is a budgeting process in which the people who are in the lower levels of ma...

Q: Spiceland Corporation is in the process of obtaining a loan at City Bank. The bank has requested aud...

A: Here student asked for multi sub part question we will solve first three sub part question for you. ...

Q: In performing risk assessment procedures for investments, an auditor may inquire of the client perso...

Q: On May 1, 2020, Cheng Company, a public company, acquired 176,000 of the 550,000 outstanding common ...

A: Percentage of stake acquired = 176000/550,000 = 0.32 (OR) 32% Here the investor has significant i...

Q: Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your...

A: Solution Capital allowance is the practice of allowing tax payers to get relief on capital expenditu...

Q: Donald's Inc. would like to declare dividends by distributing inventory. Partial financial informati...

A: The question is based on the concept of Financial Accounting.

Q: a. Return on equity b. Total assets turnover c. Return on assets d. Current ratio e. Receivables tur...

A: a. Return on equity = Net Income / Shareholders' Equityb. Total assets turnover = Sales / Total Asse...

Q: On April 1, 2028, A Company purchased three units of baking equipment by issuing a four-year, non-in...

A: Carrying value of note on April 1, 2028 = Present value of the Notes on April 1, 2028 where, Present...

Q: Ivanhoe Leasing Company agrees to lease equipment to Shamrock Corporation on January 1, 2020. The fo...

A: Calculation of Annual rental payment :- Lease term=7 Economic life=9 Fair value of asset =$657000 Gu...

Q: PROBLEM 3: Effects of errors to retained earnings. While preparing the 2019 financial statements, Am...

A: Lets understand the basics. When any error is made in reporting any expense and because of that, net...

Q: Use the information below to answer the questions that follow. Enter your answers using digits only ...

A: The depreciation refers to fall in the value of the assets of the firm. There are various methods to...

Q: Phil Corporation gave Manager A, a resident citizen grocery allowance worth P 39,000 How much is th...

A: Fringe benefit tax: It implies to a financial levy that is imposed or charged on the extra benefits ...

Q: ainbow, Inc. began operations on January 1 of the current year with a $12,800 cash balance. Fifty pe...

A: Solution: Collection from sales for the month of February = Jan sales collection + Feb sales collect...

Q: Under MACRS and GAAP the acquisition cost is not fully depreciated leaving a residual value. True ...

A: Residual value is the term which is used in depreciation and it is defined as the amount of value wh...

Q: Dried Fruit Corp. has had a valid S Corp election in effect at all times since its incorporation. Th...

A: Given Dried fruit Corp distributed $264,000 to Raisin. Thus share of income he received from distrib...

Q: Sale of short-term stock investments Cash collections from customers Purchase of used equipment Depr...

A: The cash flow from investing activities include the cash flow from sale or purchase of fixed assets,...

Q: ase term, the asset reverts to the lessor and has a guaranteed residual value of $55,000. Shamrock e...

A: The lease is classified as Finance lease for both the lease term (i.e.7 years) is the substantial po...

Q: On March 1, 2022, a company issued a four-year, P3,000,000 face value, 11% term bonds for P3,197,87...

A: Bond is issued by the company for raising finance for the business working. It is considered a cheap...

Q: The following facts relate to Concord Corporation. 1. Deferred tax liability, January 1, 2020, $31,5...

A: Solution: Computation of Required balance and recognition of Deferred tax liability and Deferred ...

Q: If total liabilities decreased by $28,055 during a period of time and stockholders' equity increased...

A: The business transactions effects two or more accounts of the business. As per accounting equation, ...

Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire o...

A: Risk assessment procedures is also written as RAP, is the audit procedures performed by auditor for ...

Q: Please map of the skills provided below into a set of skills that a working team need. a. Commitment...

A: Working team requires sets of skills in order to achieve their goals with effectiveness and efficien...

Q: (refundable) for the quarter ending 30 June 2018 if the business reports GST on: ii) Accrual basis?

A: Purchase Invoice Date Payment Date Suppliers Amount ( GST Inclusive) 12-Nov-17 10-Jan-18 Wa...

Q: Additional short-term borrowings Purchase of short-term stock investments Cash dividends paid Intere...

A: The cash flow statement is prepared to record the cash flow from various activities during the perio...

Q: Ivanhoe Leasing Company agrees to lease equipment to Shamrock Corporation on January 1, 2020. The fo...

A: The lease is classified as Finance lease for both the lease term (i.e.7 years) is the substantial po...

Q: me tax compu“ ided the follov

A: Tax Written Down Value (TWDV): The tax written down value (TWDV) of a resource is the use remaining ...

Q: Alyssa finds Brian's guitar, which Brian

A: If the benefit of the bailment is solely for the bailee then it is the duty of the bailor to provide...

Q: Required information [The following information applies to the questions displayed below.] Kubin Com...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: Determine (a) the accounts receivable turnover and (b) the number of days' sales final answers to on...

A: Solution: Number of days sales in receivable represents the average number of days a company takes t...

Q: What is standard? O A mean of evaluating the acceptability for use to ensure products, services and ...

A: Standards are the prescribed norms and guidelines that entity is required to follow and work upon to...

Q: Discuss the definition of a trade or business. Why does it matter whether a taxpayer is classified a...

A: Business is the operation carried by sole owner or partners that include trade and commerce and they...

Q: Which of the following statements represents Margin of Safety (units)? O a. Expected sales (units) l...

A: Solution: The margin of safety represent sales level that generates profits. Therefore margin of saf...

Q: A, B and C form a general partnership. A contributes Land, a capital asset A acquired several years...

Q: Spiceland Corporation is in the process of obtaining a loan at City Bank. The bank has requested aud...

A: What is meant by Accounting Error? Accounting error is the mistake done unintentionally. For instanc...

Q: Maya Co. which is a publicly traded company started to build a 30-story Condo building in May 2018. ...

Q: Please see below. I need help with this asap please and thank you.

A: In double entry system when we record credit sales we debi...

Q: Label the following headings, line items, and notes with the numbers 1 through 13 according to their...

A: The cash flow statement is one of the important financial statements of the business. The cash flow ...

Q: Madrid Company plans to issue 8% bonds with a par value of $4,000,000. The company sells $3,600,000 ...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November 4, Zirbal reissued 850 shares
of this treasury stock for $8,500.
Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock.
View transaction list
Journal entry worksheet
1
<>
Record the purchase of 4,000 shares of its own stock for $36,000 cash.
Note: Enter debits
Date
General Journal
Debit
Credit
May 03
< Prev
14 of 19
Next >

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
On May 3, Zirbal Corporation purchased 4,500 shares of its own stock for $31,500 cash. On November 4, Zirbal reissued 1,350 shares of this treasury stock for $10,800. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet
On May 3, Zirbal Corporation purchased 8,500 shares of its own stock for $93,500 cash. On November 4, Zirbal reissued 1,750 sha of this treasury stock for $21,000. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet < 1 2 Record the purchase of 8,500 shares of its own stock for $93,500 cash. Note: Enter debits before credits. Date May 03 Record entry General Journal Clear entry Debit Credit View general journal
On May 3, Zirbal Corporation purchased 8,500 shares of its own stock for $93,500 cash. On November 4, Zirbal reissued 1,750 shares of this treasury stock for $21,000. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet < 1 2 Record the purchase of 8,500 shares of its own stock for $93,500 cash. Note: Enter debits before credits. Date May 03 Record entry General Journal Clear entry Debit Credit View general journal
On May 3, Zirbal Corporation purchased 7,000 shares of its own stock for $49,000 cash. On November 4, Zirbal reissued 1,050 shares of this treasury stock for $8,400. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet 1 2 Record the purchase of 7,000 shares of its own stock for $49,000 cash. Note: Enter debits before credits. Date May 03 Record entry General Journal Clear entry Debit Credit View general journal >
On May 3, Zirbal Corporation purchased 5,000 shares of its own stock for $45,000 cash. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet 1 2 Record the purchase of 5,000 shares of its own stock for $45,000 cash.
On March 5, Jerald Corporation purchased 7,000 shares of its own common stock for $56,000. On July 17, Jerald Corporation reissued 900 shares of this treasury stock for $6,300. Prepare the March 5 journal entry and the July 17 entry to record the purchase and reissuance of Jerald's treasury stock. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial 10pt V Ix % 0 as d
On May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $49,500 cash. On November 4, Zirbal reissued 1,450 shares of this treasury stock for $14,500. Prepare the May 3 and November 4 journal entries to record Zirbal’s purchase and reissuance of treasury stock.
On May 3, Zirbal Corporation purchased 6,000 shares of its own stock for $66,000 cash. On November 4, Zirbal reissued 950 shares of this treasury stock for $11,400. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. Record the purchase of 6,000 shares of its own stock for $66,000 cash. Record the reissue of 950 shares of this treasury stock for $11,400.
Prepare general journal entries to record these transactions. Fido Corporation engaged in the following transactions involving treasury stock: a)Jan. 10 Purchased for cash 15,000 share of treasury stock at a price of $20 per share. Date Debit Credit Db Cr b)July. 5 Reissued 4,500 shares of treasury stock at a price of $25 per share. Date Debit Credit Db Cr c)Nov. 12 Reissued 5,500 shares of treasury stock at a price of $17 per share Date Debit Credit Db Cr
The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 450 shares of the company’s own common stock at $25 cash per share; the stock is now held in treasury. July 15 Issued 125 of the shares purchased on February 1 for $35 cash per share. Sept. 1 Issued 85 more of the shares purchased on February 1 for $20 cash per share. E11-8 Part 2 Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)