Question
Wildhorse Co. purchased from its stockholders 4,900 shares of its own previously issued stock for $240,100. It later resold 2,100 shares for $52 per share,
Wildhorse Co. purchased from its stockholders 4,900 shares of its own previously issued stock for $240,100. It later resold 2,100 shares for $52 per share, then 2,100 more shares for $47 per share, and finally 700 shares for $41 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
Enter an account title to record purchase from stockholders | Enter a debit amount | Enter a credit amount |
Enter an account title to record purchase from stockholders | Enter a debit amount | Enter a credit amount |
(To record purchase from stockholders.) | ||
Enter an account title to record sales of shares | Enter a debit amount | Enter a credit amount |
Enter an account title to record sales of shares | Enter a debit amount | Enter a credit amount |
Enter an account title to record sales of shares | Enter a debit amount | Enter a credit amount |
(To record sales of shares at $52 per share.) | ||
Enter an account title to record sales of shares | Enter a debit amount | Enter a credit amount |
Enter an account title to record sales of shares | Enter a debit amount | Enter a credit amount |
Enter an account title to record sales of shares | Enter a debit amount | Enter a credit amount |
(To record sales of shares at $47 per share.) | ||
Enter an account title to record sales of shares | Enter a debit amount | Enter a credit amount |
Enter an account title to record sales of shares | Enter a debit amount | Enter a credit amount |
Enter an account title to record sales of shares | Enter a debit amount | Enter a credit amount |
Enter an account title to record sales of shares | Enter a debit amount | Enter a credit amount |
(To record sale of shares at $41 per share.) |
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