AssignmentSessionLocator%3D&inprogress%-false f Log Into JWU Grammar Checker Johnson & Wales P.. Shared album-Dor... op There's racial bias i... More Than Half Of. eBook Calculator Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 770 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny se 270 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 500 shares of its treasury stock for $6 per share. Required: Prepare the journal entries to record these transactions. Treasury Stock / 2019 Feb. 1 6,930 Cash 6,930 (Record purchase of treasury shares) Cash Mar. 1 3,240 Treasury Stock / 2,430 Additional Pald-In Capital - Treasury Stock (Record reissue of treasury shares) Cash 3,000 V May 10 Additional Pald-In Capital - Treasury Stock v 810 V Retained Earnings 690 Treasury Stockv 4,500 (Record reissue of treasury shares) Next Previous

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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AssignmentSessionLocator%3D&inprogress%-false
f
Log Into JWU
Grammar Checker
Johnson & Wales P..
Shared album-Dor...
op There's racial bias i...
More Than Half Of.
eBook
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Cornerstone Exercise 10-28 (Algorithmic)
Accounting for Treasury Stock
On February 1, 2019, Destiny Enterprise repurchases 770 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny se
270 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 500 shares of its treasury stock for $6 per share.
Required:
Prepare the journal entries to record these transactions.
Treasury Stock /
2019 Feb. 1
6,930
Cash
6,930
(Record purchase of treasury shares)
Cash
Mar. 1
3,240
Treasury Stock /
2,430
Additional Pald-In Capital - Treasury Stock
(Record reissue of treasury shares)
Cash
3,000 V
May 10
Additional Pald-In Capital - Treasury Stock v
810 V
Retained Earnings
690
Treasury Stockv
4,500
(Record reissue of treasury shares)
Next
Previous
Transcribed Image Text:AssignmentSessionLocator%3D&inprogress%-false f Log Into JWU Grammar Checker Johnson & Wales P.. Shared album-Dor... op There's racial bias i... More Than Half Of. eBook Calculator Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 770 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny se 270 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 500 shares of its treasury stock for $6 per share. Required: Prepare the journal entries to record these transactions. Treasury Stock / 2019 Feb. 1 6,930 Cash 6,930 (Record purchase of treasury shares) Cash Mar. 1 3,240 Treasury Stock / 2,430 Additional Pald-In Capital - Treasury Stock (Record reissue of treasury shares) Cash 3,000 V May 10 Additional Pald-In Capital - Treasury Stock v 810 V Retained Earnings 690 Treasury Stockv 4,500 (Record reissue of treasury shares) Next Previous
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