5. Discount Fumiture, Inc. completed the following treasury stock transactions in 2018: (Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2018? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash of $5 per share. Date Accounts Debit Credit Dec. 1 Dec. 15: Sold 200 shares of the treasury stock for cash of $8 per sharo. Date Accounts Debit Credit Dec. 15 (6) Dec. 20: Sold 1,000 shares of the treasury stock for cash of $1 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,400.) Date Accounts Debit Credit Dec. 20 (19) (11) (12) Requirement 2. How will Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2018? Discount Furniture, Inc. will report treasury stock (13) - on the balance sheet as (14) to total stockholders' equity. 1 Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash of $5 per share. 15 Sold 200 shares of the treasury stock for cash of $8 per share, 20 Sold 1,000 shares of the treasury stock for cash of S1 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,400.) (1) Treasury Stock-Common O Cash Common Stock-$1 Par Value O Common Stock Dividend Distributable O Dividends Payable-Common O Paid-In Capital from Treasury Stock Transactions Pald-In Capital in Excess of Par-Common O Retained Earnings Treasury Stock-Common (2) O O Cash Common Stock-$1 Par Value n Stock Dividend Distributable Dividends Payable-Common O Paid-In Capital from Treasury Stock Transactions O Paid-In Capital in Excess of Par-Common Retained O Treasury Stock-Common (3) O Cash O Common Stock-$1 Par Value Common Stock Dividend Distributable O Dividends Payable-Common O Pald-In Capital from Treasury Stock Transactions O Paid-In Capital in Excess of Par-Common O Retained Earnings (4) O O Treasury Stock-Common Cash Common Stock-$1 Par Value Common Stock Dividend Distributable O Dividends Payable-Common Paid-In Capital from Treasury Stock Transactions O Paid-In Capital in Excess of Par-Common O Retained Earnings O Treasury Stock-Comman (5) O O Cash Common Stock-$1 Par Value Common Stock Dividend Distributable Dividends Payable-Common O Paid-In Capital from Treasury Stock Transactions Paid-In Capital in Excess of Par-Common Retained Earnings O Treasury Stock-Common (6) O O Cash Common Stock-$1 Par Value Common Stock Dividend Distributable Dividends Payable-Common O Paid-In Capital from Treasury Stock Transactions O Paid-In Capital in Excess of Par-Common Retained Earnings O Treasury Stock-Common (7) O Cash O Common Stock-$1 Par Value Common Stock Dividend Distributable Dividends Payable-Common Pald-In Capital from Treasury Stock Transactions O Paid-In Capital in Excess of Par-Common Retained Earnings O Treasury Stock-Common (8) O O Cash Common Stock-$1 Par Value Common Stock Dividend Distributable Dividends Payable Common O Paid-In Capital from Treasury Stock Transactions O Paid-In Capital in Excess of Par-Common O Retained Earnings (9) O O Treasury Stock-Common Cash Common Stock-$1 Par Value Common Stock Dividend Distributable Dividends Payable - Common O Paid-In Capital from Treasury Stock Transactions O Paid-In Capital in Excess of Par-Common O Retained Earnings O Treasury Stock-Common (10) O O Cash Common Stock-$1 Par Value Common Stock Dividend Distributable Dividends Payable-Common O Paid-In Capital from Treasury Stock Transactions O Paid-In Capital in Excess of Par-Common Retained Earnings O Treasury Stock-Common (11) O O Cash O Common Stock-$1 Par Value Common Stock Dividend Distributable O Dividends Payable-Common O Paid-In Capital from Treasury Stock Transactions O Paid-In Capital in Excess of Par-Common O Retained Earnings Treasury Stock-Common (13) O (14) O a reduction an increase (12) O O Cash O Common Stock-$1 Par Value Common Stock Dividend Distributable Dividends Payable-Common O Paid-In Capital from Treasury Stock Transactions O Paid-In Capital in Excess of ParCommon O Retained Earnings above paid-in capital above retained earnings as part of paid-in capital beneath retained earnings O O cord debits first dation -1 par value coll i More Info ts Dec. 1 Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash of $5 per share. 15 Sold 200 shares of the treasury stock for cash of $8 per share. 20 Sold 1,000 shares of the treasury stock for cash of $1 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,400.) Print Print [ Done] Done
