Question
On January 1, 2020, the equity section of Pronghorn Stores shows share capitalordinary (4 par value) 1,200,000; share premiumordinary 1,070,000; and retained earnings 1,190,000. During
On January 1, 2020, the equity section of Pronghorn Stores shows share capitalordinary (4 par value) 1,200,000; share premiumordinary 1,070,000; and retained earnings 1,190,000. During the year, the following treasury share transactions occurred.
Mar. | 1 | Purchased 52,000 shares for cash at 15 per share. | |
July | 1 | Sold 10,000 treasury shares for cash at 17 per share. | |
Sept. | 1 | Sold 9,000 treasury shares for cash at 14 per share. |
Journalize the treasury stock transactions.
Date | Account Titles and Explanation | Debit | Credit | |
---|---|---|---|---|
choose a transaction date Mar. 1July 1Sept. 1 | enter a debit amount | enter a credit amount | ||
enter a debit amount | enter a credit amount | |||
choose a transaction date Mar. 1July 1Sept. 1 | enter a debit amount | enter a credit amount | ||
enter a debit amount | enter a credit amount | |||
enter a debit amount | enter a credit amount | |||
| enter a debit amount | enter a credit amount | ||
enter a debit amount | enter a credit amount | |||
enter a debit amount | enter a credit amount |
.
b. Restate the entry for September 1, assuming the treasury shares were sold at 12 per share.
Date | Account Titles and Explanation | Debit | Credit | |
---|---|---|---|---|
| enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount |
PLEASE MAKE SURE THE ANSWER IS CORRECT 100%
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