Exercise 13-07 a-b

On January 1, 2020, the stockholders equity section of Bridgeport Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,240,000. During the year, the following treasury stock transactions occurred.

Mar.	1		Purchased 50,000 shares for cash at $15 per share.
July	1		Sold 11,000 treasury shares for cash at $17 per share.
Sept.	1		Sold 9,500 treasury shares for cash at $14 per share.

Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Mar. 1July 1Sept. 1
Mar. 1July 1Sept. 1
Mar. 1July 1Sept. 1

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Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Mar. 1July 1Sept. 1