Jimmy Joe's, Inc. had the following transactions for this year.

Prepare journal entries for each transaction, post the transactions to T-accounts, and determine the ending balance of accounts needed to answer the questions.

1-Jan Jimmy Joe's, Inc. issued 6,000 shares of $3 par common stock for $20,000.

15-Mar Jimmy Joe's, Inc. purchased 5,000 shares of their own stock on the open market for $12 cash per share.

10-Jul Jimmy Joe's, Inc. re-issued 4,000 shares of treasury stock for $14 per share.

31-Oct Jimmy Joe's, Inc. re-issued 1,000 shares of treasury stock for $11 per share.

a) What is the July 10 balance in the Treasury Stock-Common account, using the cost method?

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b) What is the October 31 balance in the Paid in Capital from Treasury Stock account, using the cost method?

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