Question
On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $29 a share. It sold 4,000 of
On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $29 a share. It sold 4,000 of the treasury shares at $32 a share on June 10. The remaining 3,000 shares were sold on November 10 for $25 a share.
(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
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |
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1 |
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2 |
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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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JOURNAL
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |
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1 |
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2 |
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3 |
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4 |
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5 |
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6 |
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