Q1

Question 1 4.5 points (4.5 Grades) On January 1, 2021, the stockholders' equity section of Seef Inc. was as follows. Common stock ($10 par value) $400,000; paid-in (contributed) capital in excess of par value $200,000; and retained earings $150,000. During the year, the following treasury stock transactions occurred. Save Answer March 5: Purchased 5,000 shares for cash at $14 per share. April 25: Sold 2,000 treasury shares for cash at $15 per share. June 25: Sold 3.000 treasury shares for cash at S11 per share Required: Prepare journal entries to record the above treasury stock transactions. CLEARLY INDICATE THE DEBITS & CREDITS Example: XYZ Company pays $10,000 cash to purchase land Answer Dr. Land 10.000 Cr. Cash 10.000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). U S Paragraph Arial 10pt iii > I 10 T O . x A e E E > Ts v T X SEE 6)