Garrett Inc had no treasury stock at the beginning of the year During February, Garrett purchased 14,500 shares of treasury stock at $23 per share In May, Garrett sold 4,600 of the treasury shares for $26 per share In November, Garrett sold the remaining treasury shares for $19 per share Required Prepare journal entries for the February, May, and November treasury stock transactions CHART OF ACCOUNTS Garrett Inc General Ledger ASSETS 111 Cash 112 Petty Cash 121 Accounts Receivable 123 Allowance for Doubtful Accounts 124 Notes Receivable 125 Supplies 126 Prepaid Insurance 127 Prepaid Rent 128 Inventory 129 Interest Receivable 130 Investment 131 Land 132 Buildings 133 Equipment 134 Furniture 135 Trucks 139 Accumulated Depreciation 141 Leased Assets LIABILITIES 211 Accounts Payable 212 Utilities Payable 213 Insurance Payable 214 Wages Payable 215 Rent Payable 221 Interest Payable 223 Income Taxes Payable 231 Dividends Payable 232 Unearned Sales Revenue 233 Unearned Rent Revenue 241 Bonds Payable 251 Notes Payable EQUITY 311 Common Stock 312 Additional Paid In Capital Common Stock 313 Preferred Stock 314 Additional Paid In Capital Preferred Stock 315 Treasury Stock 316 Additional Paid In Capital Treasury Stock 321 Retained Earnings 331 Dividends REVENUE 411 Sales Revenue 412 Service Revenue 413 Interest Income 414 Rent Revenue IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST, REF, DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME

Question

Garrett Inc  had no treasury stock at the beginning of the year  During February, Garrett purchased 14,500 shares of treasury stock at $23 per share  In May, Garrett sold 4,600 of the treasury shares for $26 per share  In November, Garrett sold the remaining treasury shares for $19 per share  Required  Prepare journal entries for the February, May, and November treasury stock transactions  CHART OF ACCOUNTS Garrett Inc  General Ledger ASSETS 111 Cash 112 Petty Cash 121 Accounts Receivable 123 Allowance for Doubtful Accounts 124 Notes Receivable 125 Supplies 126 Prepaid Insurance 127 Prepaid Rent 128 Inventory 129 Interest Receivable 130 Investment 131 Land 132 Buildings 133 Equipment 134 Furniture 135 Trucks 139 Accumulated Depreciation 141 Leased Assets LIABILITIES 211 Accounts Payable 212 Utilities Payable 213 Insurance Payable 214 Wages Payable 215 Rent Payable 221 Interest Payable 223 Income Taxes Payable 231 Dividends Payable 232 Unearned Sales Revenue 233 Unearned Rent Revenue 241 Bonds Payable 251 Notes Payable EQUITY 311 Common Stock 312 Additional Paid In Capital Common Stock 313 Preferred Stock 314 Additional Paid In Capital Preferred Stock 315 Treasury Stock 316 Additional Paid In Capital Treasury Stock 321 Retained Earnings 331 Dividends REVENUE 411 Sales Revenue 412 Service Revenue 413 Interest Income 414 Rent Revenue IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST, REF, DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME

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Garrett Inc. had no treasury stock at the beginning of the year. During February, Garrett purchased 14,500 shares of treasury stock at $23 per share.

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