Homework Help is Here – Start Your Trial Now!
Business
Accounting
2021, Western Transport Company entered into the treasury stock transactions described below ssued 260 million shares of its $1 par common stock at $26 per share. Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required ournal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 1. On January 23, 2021, Western Transport reacquired 20 million shares at $29 per share. 2. On September 3, 2021, Western Transport sold 3 million treasury shares at $30 per share. 3. On November 4, 2021, Western Transport sold 3 million treasury shares at $27 per share.

2021, Western Transport Company entered into the treasury stock transactions described below ssued 260 million shares of its $1 par common stock at $26 per share. Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required ournal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 1. On January 23, 2021, Western Transport reacquired 20 million shares at $29 per share. 2. On September 3, 2021, Western Transport sold 3 million treasury shares at $30 per share. 3. On November 4, 2021, Western Transport sold 3 million treasury shares at $27 per share.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

< 1 Record the reacquisition of 20 million shares at $29 per share. Note: Enter debits before credits. Date January 23, 2021 2 Record entry < 1 Journal entry worksheet 2 Date September 03, 2021 1 3 Note: Enter debits before credits. Record entry Record the sale of 3 million treasury shares at $30 per share. 2 3 General Journal Journal entry worksheet Date November 04, 2021 Record entry 3 Clear entry Note: Enter debits before credits. General Journal Clear entry Record the sale of 3 million treasury shares at $27 per share. Debit General Journal Clear entry Credit Debit View general journal Debit Credit > View general journal Credit View general journal
Transcribed Image Text:< 1 Record the reacquisition of 20 million shares at $29 per share. Note: Enter debits before credits. Date January 23, 2021 2 Record entry < 1 Journal entry worksheet 2 Date September 03, 2021 1 3 Note: Enter debits before credits. Record entry Record the sale of 3 million treasury shares at $30 per share. 2 3 General Journal Journal entry worksheet Date November 04, 2021 Record entry 3 Clear entry Note: Enter debits before credits. General Journal Clear entry Record the sale of 3 million treasury shares at $27 per share. Debit General Journal Clear entry Credit Debit View general journal Debit Credit > View general journal Credit View general journal
In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 260 million shares of its $1 par common stock at $26 per share. Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1. On January 23, 2021, Western Transport reacquired 20 million shares at $29 per share. 2. On September 3, 2021, Western Transport sold 3 million treasury shares at $30 per share. 3. On November 4, 2021, Western Transport sold 3 million treasury shares at $27 per share. View transaction list
Transcribed Image Text:In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 260 million shares of its $1 par common stock at $26 per share. Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1. On January 23, 2021, Western Transport reacquired 20 million shares at $29 per share. 2. On September 3, 2021, Western Transport sold 3 million treasury shares at $30 per share. 3. On November 4, 2021, Western Transport sold 3 million treasury shares at $27 per share. View transaction list
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Investments and Financial instruments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS