Question
During Year 1, Long Beach Corporation completed the treasury stock transactions described below: Jan. 2 Reacquired 1,000 shares at $10 per share Feb. 2 Sold
During Year 1, Long Beach Corporation completed the treasury stock transactions described below: Jan. 2 Reacquired 1,000 shares at $10 per share Feb. 2 Sold 400 shares at $12 per share Prepare the appropriate journal entry to record the sale of the treasury stock on February 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field).
| Event | General Journal | Debit | Credit |
| 01 | Cash | 4,800 | |
| | Treasury Stock | | |
| | Paid- in Capital – Share repurchase | | |
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Advanced Accounting
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
11th Edition
978-0132568968, 9780132568968
