Accounting for treasury stock (Learning Objectives 3 & 6) 20–25 min.

Journalize the following transactions of Sinclair Sports, Inc., a chain of sports stores:

Mar 4 May 22 Sep 22 Issued 20,000 shares of no-par common stock at $10 per share.

Purchased 1,500 shares of treasury stock at $6 per share.

Sold 600 shares of treasury stock at $9 per share.

AppendixLO1