On January 1, 2017, Vidalia Company issued 30,000 shares of $2 par value common
ID: 2411309 • Letter: O
Question
On January 1, 2017, Vidalia Company issued 30,000 shares of $2 par value common stock for $150,000. On March 1, 2017, the company purchased 6,000 shares of its common stock for $8 per share for the treasury. On June 1, 2017, 1,s00 of the treasury shares are sold for $10 per share. On September 1, 2017, 3,000 treasury shares are sold at $6 per share. Journalize the stock transactions of Vidalia Company in 2017, (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit Sept. 1Explanation / Answer
1 January 2017
Vidalia A/c
150,000
To Share capital
150,000
1 March 2017
Treasury Stock ( 6,000 x $ 8)
48,000
Cash
48,000
1 June 2017
Cash (1,500 x $ 10)
15,000
Treasury Stock (1,500 x $ 8)
12,000
Paid-in-Capital from Treasury stock (1,500 x $ 2)
3,000
1 Sept 2017
Cash (3,000 x $ 6)
18,000
Paid-in-Capital from Treasury stock (3,000 x $ 2)
6,000
Treasury Stock (3,000 x $ 8)
24,000
1 January 2017
Vidalia A/c
150,000
To Share capital
150,000
1 March 2017
Treasury Stock ( 6,000 x $ 8)
48,000
Cash
48,000
1 June 2017
Cash (1,500 x $ 10)
15,000
Treasury Stock (1,500 x $ 8)
12,000
Paid-in-Capital from Treasury stock (1,500 x $ 2)
3,000
1 Sept 2017
Cash (3,000 x $ 6)
18,000
Paid-in-Capital from Treasury stock (3,000 x $ 2)
6,000
Treasury Stock (3,000 x $ 8)
24,000