Journalize the following assumed transactions of Applebug Productions: Mar 16 Issued 2,400 shares of $1.50 par common

Question:

Journalize the following assumed transactions of Applebug Productions:

Mar 16 Issued 2,400 shares of $1.50 par common stock at $7 per share.

Apr 20 Purchased 800 shares of treasury stock at $16 per share.

Aug 8 Sold 600 shares of treasury stock at $17 per share.

What was the overall effect of these transactions on Applebug’s stockholders equity?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...