Question
February 1, Jones repurchased 2,000 shares of treasury stock at a price of $18 per share. March 1, 800 shares of treasury stock repurchased above
February 1, Jones repurchased 2,000 shares of treasury stock at a price of $18 per share.
March 1, 800 shares of treasury stock repurchased above were reissued at $17 per share.
March 18, 500 shares of treasury stock repurchased above were reissued at $14 per share.
April 22, 600 shares of treasury stock repurchased above were reissued at $20 per share.
Instructions:
- Prepare the journal entries to record the treasury stock transactions in 2007, assuming Jones uses the cost method.
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Managerial Accounting
Authors: Kulp, Susan, Dragoo, Amie, Hartgraves, Al L, Morse Wayne J.
9th Edition
1618533622, 9781618533623
