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Before Concord Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock a. b. C. d. Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) a. C. No. Account Titles and Explanation d. $96,800 Bought 370 shares of treasury stock at $39 per share. Bought 280 shares of treasury stock at $44 per share. Sold 340 shares of treasury stock at $41 per share. Sold 110 shares of treasury stock at $37 per share. Treasury Stock Cash Treasury Stock Cash Cash Treasury Stock Paid-in Capital from Treasury Stock Cash Common Stock $297,000, Paid-in Capital from Treasury Stock Treasury Stock Retained Earnings $76,200 Debit 100 Credit 0000000000

Before Concord Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock a. b. C. d. Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) a. C. No. Account Titles and Explanation d. $96,800 Bought 370 shares of treasury stock at $39 per share. Bought 280 shares of treasury stock at $44 per share. Sold 340 shares of treasury stock at $41 per share. Sold 110 shares of treasury stock at $37 per share. Treasury Stock Cash Treasury Stock Cash Cash Treasury Stock Paid-in Capital from Treasury Stock Cash Common Stock $297,000, Paid-in Capital from Treasury Stock Treasury Stock Retained Earnings $76,200 Debit 100 Credit 0000000000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Before Concord Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock a. b. C. d. Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) a. No. Account Titles and Explanation C. d. Bought 370 shares of treasury stock at $39 per share. Bought 280 shares of treasury stock at $44 per share. Sold 340 shares of treasury stock at $41 per share. Sold 110 shares of treasury stock at $37 per share. Treasury Stock Cash $96,800 Treasury Stock Cash Cash Treasury Stock Paid-in Capital from Treasury Stock Cash Paid-in Capital from Treasury Stock Treasury Stock Common Stock eTextbook and Media List of A $297,000, Retained Earnings $76,200 Debit Credit
Transcribed Image Text:Before Concord Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock a. b. C. d. Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) a. No. Account Titles and Explanation C. d. Bought 370 shares of treasury stock at $39 per share. Bought 280 shares of treasury stock at $44 per share. Sold 340 shares of treasury stock at $41 per share. Sold 110 shares of treasury stock at $37 per share. Treasury Stock Cash $96,800 Treasury Stock Cash Cash Treasury Stock Paid-in Capital from Treasury Stock Cash Paid-in Capital from Treasury Stock Treasury Stock Common Stock eTextbook and Media List of A $297,000, Retained Earnings $76,200 Debit Credit
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