Accounting for Treasury Stock On August 19, Portland Corporation repurchases 3,500 shares of its outstanding common stock for $17 per share On October 31, Portland sells 1,575 shares of treasury stock for $22 per share Any additional sales of treasury stock during the year were sold for $11 per share On December 31, Portland had no remaining treasury stock Required Prepare the necessary journal entries to record any transactions associated with treasury stock If an amount box does not require an entry, leave it blank Aug 19 Accounts PayableAdditional Paid In Capital Common StockCashCommon StockTreasury StockTreasury Stock Accounts PayableAdditional Paid In Capital Common StockCashCommon StockTreasury StockCash Oct 31 Accounts ReceivableAdditional Paid In Capital Treasury StockCashPreferred StockTreasury StockCash Accounts PayableCommon StockPreferred StockRetained EarningsTreasury StockTreasury Stock Accounts PayableAdditional Paid In Capital Common StockAdditional Paid In Capital Preferred StockAdditional Paid In Capital Treasury StockCashAdditional Paid In Capital Treasury Stock Nov 17 Accounts PayableAdditional Paid In Capital Preferred StockCashCommon StockTreasury StockCash Additional Paid In Capital Common StockAdditional Paid In Capital Treasury StockDividends PayablePreferred StockTreasury StockAdditional Paid In Capital Treasury Stock Accounts ReceivableAdditional Paid In Capital Common StockCommon StockPreferred StockRetained EarningsRetained Earnings Additional Paid In Capital Treasury StockCashDividends PayableRetained EarningsTreasury StockTreasury Stock

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Accounting for Treasury Stock On August 19, Portland Corporation repurchases 3,500 shares of its outstanding common stock for $17 per share. On October 31, Portland

Accounting for Treasury Stock

On August 19, Portland Corporation repurchases 3,500 shares of its outstanding common stock for $17 per share. On October 31, Portland sells 1,575 shares of treasury stock for $22 per share. Any additional sales of treasury stock during the year were sold for $11 per share. On December 31, Portland had no remaining treasury stock.

Required:

Prepare the necessary journal entries to record any transactions associated with treasury stock. If an amount box does not require an entry, leave it blank.

Aug. 19	Accounts PayableAdditional Paid-In Capital-Common StockCashCommon StockTreasury StockTreasury Stock
	Accounts PayableAdditional Paid-In Capital-Common StockCashCommon StockTreasury StockCash
Oct. 31	Accounts ReceivableAdditional Paid-In Capital-Treasury StockCashPreferred StockTreasury StockCash
	Accounts PayableCommon StockPreferred StockRetained EarningsTreasury StockTreasury Stock
	Accounts PayableAdditional Paid-In Capital-Common StockAdditional Paid-In Capital-Preferred StockAdditional Paid-In Capital-Treasury StockCashAdditional Paid-In Capital-Treasury Stock
Nov. 17	Accounts PayableAdditional Paid-In Capital-Preferred StockCashCommon StockTreasury StockCash
	Additional Paid-In Capital-Common StockAdditional Paid-In Capital-Treasury StockDividends PayablePreferred StockTreasury StockAdditional Paid-In Capital-Treasury Stock
	Accounts ReceivableAdditional Paid-In Capital-Common StockCommon StockPreferred StockRetained EarningsRetained Earnings
	Additional Paid-In Capital-Treasury StockCashDividends PayableRetained EarningsTreasury StockTreasury Stock