Question
On April 2 a corporation purchased for cash 7,000 shares of its own $15 par common stock at $26 per share. It sold 4,000 of
On April 2 a corporation purchased for cash 7,000 shares of its own $15 par common stock at $26 per share. It sold 4,000 of the treasury shares at $29 per share on June 10. The remaining 3000 shares were sold on November 10 for $22 per share.
a. Journalize the entries to record the purchase (treasury stock is recorded at cost).
| Apr. 2 | Treasury Stock | ||
| Cash |
b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank.
| Jun. 10 | Cash | ||
| Treasury Stock | |||
| Paid-In Capital from Sale of Treasury Stock | |||
| Nov. 10 | Cash | ||
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Auditing Theory And Practice
Authors: Roger H. Hermanson
1st Edition
0256023301, 978-0256023305
