Question
On April 2 a corporation purchased for cash 6,000 shares of its own $15 par common stock at $29 per share. It sold 4,000 of
On April 2 a corporation purchased for cash 6,000 shares of its own $15 par common stock at $29 per share. It sold 4,000 of the treasury shares at $32 per share on June 10. The remaining 2,000 shares were sold on November 10 for $25 per share.
| Required: | |
| (a) | Journalize the entries to record the purchase (treasury stock is recorded at cost). |
| (b) | Journalize the entries to record the sale of the stock. |
| *Refer to the Chart of Accounts for exact wording of account titles. |
(a) Journalize the entries to record the purchase (treasury stock is recorded at cost) on April 2. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
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(b) Journalize the entries to record the sale of the stock on June 10 and Nov 10. Refer to the Chart of Accounts for exact wording of account titles.
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
