Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2022, the stockholders equity section of Cullumber Company shows common stock (55 par value) $1,500,000; paid- in capital in excess of par

image text in transcribed
image text in transcribed
On January 1, 2022, the stockholders equity section of Cullumber Company shows common stock (55 par value) $1,500,000; paid- in capital in excess of par $1,000,000; and retained earnings $1,150,000. During the year, the following treasury stock transactions occurred Mar 1 July 1 Purchased 47.000 shares for cash at $15 per share Sold 10,000 treasury shares for cash at $17 per share. Sold 9.000 treasury shares for cash at $14 per share. Sept. 1 (a) 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. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Debit Credit Account Titles and Explanation Treasury Stock Mar. 1 : 705.000 Cash 705.000 July 1 Cal Turystoc Pandith Capital from Treasury stock Date Debit Credit Account Titles and Explanation 705.000 Mar. 17 Treasury Stock 705,000 Cash July 1 Cash 150.000 Treasury Stock Pald-In Capital from Treasury Stock 126,000 Sept. 1 Cash Pald-in Capital from Treasury Stock Treasury Stock

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting College Of Dupage Edition

Authors: Karen Wilken Braun, Wendy M. Tietz

3rd Edition

1269222430, 978-1269222433

More Books

Students also viewed these Accounting questions