Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 1 During February, Dusty Essential Services (DES) engaged in the following two Treasury Stock transactions and has properly recorded them 1. On 1 February,

image text in transcribed
QUESTION 1 During February, Dusty Essential Services (DES) engaged in the following two Treasury Stock transactions and has properly recorded them 1. On 1 February, Dusty Essential Services purchased 250 shares of Treasury Stock, paying $40 for each share. 2. On 15 February, Dusty Essential Services re-issued 100 shares of Treasury stock for $45 per share. Subsequently during March, DES engaged in the following Treasury Stock transaction, but the accountant has contracted Coronavirus, so you are asked to prepare the necessary journal entry. 3. On 2 March, Dusty Essential Services re-issued 100 shares of Treasury stock for $33 per share. Instructions: You have prepared the journal entry using the Cost Method to record the 2 March transaction only. To input your answer to this question, input the correct amount in each of the following accounts used in your journal entry to record the 2 March transaction. USE NEGATIVE SIGNS TO INDICATE CREDIT ENTRIES The Quiz is machine graded, so to avoid grading errors, do the following: Enter only whole numbers (no decimals). Do not enter commas APIC-TS Cash Retained Earnings 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

Students also viewed these Accounting questions

Question

b. Explain how you initially felt about the communication.

Answered: 1 week ago