Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On January 1, 2020, the stockholders' equity section of Bridgeport Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par
On January 1, 2020, the stockholders' equity section of Bridgeport Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,010,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. Sold 11,500 treasury shares for cash at $17 per share. 1 Sold 9,500 treasury shares for cash at $14 per share. July 1 Sept. Your answer is partially correct. Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 1 Treasury Stock Cash Debit Credit 750000 July 1 Cash 195500 Treasury Stock Paid-in Capital from Treasury Stock Sept. 1 Cash 133000 Paid-in Capital from Treasury Stock 9500 Treasury Stock eTextbook and Media Solution List of Accounts Your answer is partially correct. Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) ate Account Titles and Explanation Sept. 1 Cash Paid-in Capital from Treasury Stock Retained Earnings Treasury Stock Debit Credit 114000 75 14
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started