Treasury Stock Transactions Instructions Chart of Accounts General Journal Instructions Garrett Inc. had no treasury stock at the beginning of the year. During February, Garrett purchased 14,500 shares of treasury stock at $23 per share. In May, Garrett sold 4,600 of the treasury shares for $26 per share. In November, Garrett sold the remaining treasury shares for $19 per share. Required: Prepare journal entries for the February, May, and November treasury stock transactions. Treasury Stock Transactions Instructions Chart of Accounts General Journal Chart of Accounts General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 112 Petty Cash 412 Service Revenue 121 Accounts Receivable 413 Interest Income 123 Allowance for Doubtful Accounts 414 Rent Revenue 124 Notes Receivable EXPENSES 511 Cost of Goods Sold 125 Supplies 126 Prepaid Insurance 127 Prepaid Rent 128 Inventory 129 Interest Receivable 512 Advertising Expense 513 Supplies Expense 130 Investment 514 Utilities Expense 515 Insurance Expense 516 Service Charge Expense 517 Bad Debt Expense 131 Land 132 Buildings 133 Equipment 518 Rent Expense 134 Furniture 521 Wages Expense 135 Trucks 531 Interest Expense 541 Depreciation Expense 139 Accumulated Depreciation 141 Leased Assets 551 Income Taxes Expense 552 Legal Expense Treasury Stock Transactions Instructions Chart of Accounts General Journal Chart of Accounts LIABILITIES 211 Accounts Payable 212 Utilities Payable 213 Insurance Payable 214 Wages Payable 215 Rent Payable 221 Interest Payable 223 Income Taxes Payable 231 Dividends Payable 232 Unearned Sales Revenue 233 Unearned Rent Revenue 241 Bonds Payable 251 Notes Payable EQUITY 311 Common Stock 312 Additional Paid-In Capital-Common Stock 313 Preferred Stock 314 Additional Paid-In Capital-Preferred Stock 315 Treasury Stock 316 Additional Paid-In Capital-Treasury Stock 321 Retained Earnings 331 Dividends Treasury Stock Transactions Instructions Chart of Accounts General Journal General Journal Prepare journal entries for the February 01, May 01, and November 01 treasury stock transactions. General Journal Instructions PAGE 1 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME 1 2 3 4 5