Bill Gates Corporation is authorized to sell 1,000,000 shares of $1 par value common stock. On August 15, the corporation issued 5,000 shares of common stock at $15 a share. On September 5, Bill Gates Corporation acquired 2,500 shares of its own $1 par common stock for $23 per share. On October 15, 1,000 shares of the treasury stock was sold for $25 per share. Instructions Journalize the purchase and sale of the common stock and treasury stock assuming that the company uses the cost method. 8/15 9/5 10/15

Bill Gates Corporation is authorized to sell 1,000,000 shares of $1 par value common stock. On August 15 , the corporation issued 5,000 shares of common stock at $15 a share. On September 5, Bill Gates Corporation acquired 2,500 shares of its own $1 par common stock for $23 per share, On October 15,1,000 shares of the treasury stock was sold for $25 per share. Instructions Journalize the purchase and sale of the common stock and treasury stock assuming that the company uses the cost method