Nanjing Ltd. purchased from its shareholders 5,000 shares of its own previously issued shares for 250,000. It
Question:
Nanjing Ltd. purchased from its shareholders 5,000 shares of its own previously issued shares for ¥250,000. It later resold 1,300 shares for ¥54 per share, then 2,000 more shares for ¥49 per share, and finally 1,700 shares for ¥40 per share.
Instructions
Prepare journal entries for the purchase of the treasury shares and the three sales of treasury shares.
Step by Step Answer:
Treasury Shares250000 Cash 250000 Cash 1300 X 5470200 Treasury Shares ...View the full answer
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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