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On May 3, Lassman Corporation purchased 3,000 shares of its own stock for $27,000 cash. On November 4, Lassman reissued 750 shares of this treasury
On May 3, Lassman Corporation purchased 3,000 shares of its own stock for $27,000 cash. On November 4, Lassman reissued 750 shares of this treasury stock for $7,080. |
Prepare the May 3 and November 4 journal entries to record Lassmans purchase and reissuance of treasury stock. (Omit the "$" sign in your response.) |
Date | General Journal | Debit | Credit |
May 3 | (Click to select)Treasury stockRetained earningsContributed capital, treasury stockAdditional paid-in capitalDividends payablePurchaseIssued capital, at par valueCash | ||
(Click to select)PurchaseIssued capital, at par valueRetained earningsTreasury stockContributed capital, treasury stockDividends payableCashAdditional paid-in capital | |||
Nov. 4 | (Click to select)Retained earningsCashDividends payableIssued capital, at par valueTreasury stockAdditional paid-in capitalContributed capital, treasury stockPurchase | ||
(Click to select)Retained earningsAdditional paid-in capitalIssued capital, at par valuePurchaseContributed capital, treasury stockTreasury stockDividends payableCash | |||
(Click to select)Contributed capital, treasury stockPurchaseDividends payableAdditional paid-in capitalIssued capital, at par valueCashRetained earningsTreasury stock | |||
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