Chapter 11 Proprietorships, Partnerships, and Corporations

Your Question 3: Custom Masks Inc. repurchased 2,000 shares of its own stock for $20/share. A month later, Custom Masks resold 1200 shares of the treasury stock for $30/share. a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Your Question 4: Define Sole Proprietorship, Partnership, Corporation. List the pros and cons of these business characteristics