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Is this the right answer? if not can you adjust my work? Question 1 On January...
Is this the right answer? if not can you adjust my work?
Question 1 On January 1, 2017, Hum Enterprises Inc. had 65,000 common shares, recorded at $390,000. The company follows IFRS. During the year, the following transactions occurred: Apr. 1 June 15 Sep. 21 Nov. 1 Dec. 20 Issued 4,000 common shares at $8 per share. Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were trading for $10 a share at this time. Announced a 1-for-2 reverse stock split. Shares were trading at $8 per share at the time. Issued 3,000 common shares at $18 per share. Repurchased 10,000 common shares for $16 per share. This was the first time Hum had repurchased its own shares. Record each of the transactions. Keep a running balance of the average per share amount of the common shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round the average per share to three decimal places, e.g. 5.271 and final answers to o decimal places, e.g. 5,271.) Date Account Titles and Explanation Debit Credit Apr. 1 Cash 32000 Common Shares 32000 June 15 Stock Dividends 34500 Stock Dividends Distributable 34500 Sept. 20 Stock Dividends Distributable 34500 Common Shares 34500 Sept. 21 No Entry No Entry Nov. 1 Cash 57000 Common Shares 57000 Dec. 20 Common Shares 130000 Retained Earnings 30000 Cash 160000
Answers
In case you have any query, kindly ask in comments.
all entries are correct except for the last entry which shall be as follows - date account titles and explanation debit credit $ 160,000 20-Dec treasury stock cash (to record purchase of treasury stock) $ 160,000
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