Unit 7 Assignment Question 11

Question&a

b

c

Whispering Winds Corporation had the following stockholders equity accounts on January 1 2022. Common Stock: 154 pan S400.000 din Capital in Excenter Par-Common Stock $185.000, and Retained Emines 5110,000 in 2022 the company had the following treasury stock transactions Mar 1 June 1 Purchased 6.500 shares et Sa per share Sold 1.500 shares at $13 per share Sold 2,000 shares 511 per share Sold 1.500 shares at $6 per share Sept 1 Dec 1 Whispering Winds Corporation uses the cost method of accounting for treasury stock in 2022. the company reported net income $34.000 (a) Journalize the treasury stock transactions, and prepare the closing enery at December 31, 2022. for net income (List all the entries before credit entries Record journal entries in the order presented in the problem. Credit accountitles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit (b) Open accounts for Paid-in Capital from Treasury Stock. Treasury Stock and Retained Earnings. (Post entries in the order of journal entries presented in the previous part) Paid-in Capital from Treasury Stock Treasury Stock s