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​Cheap Discount Furniture, Inc. completed the following treasury stock transactions in 2024​: More info Dec. 1 Purchased 1,700 shares of the company's $1 par value common stock as treasury stock, paying cash of $6 per share. Dec. 15 Sold 300 shares of the treasury stock for cash of $9 per share. Dec. 20 Sold 1,300 shares of the treasury stock for cash of $1 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,100.)   Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Cheap Discount ​Furniture, Inc. report treasury stock on its balance sheet as of December ​31, 2024​? Requirement 1. Journalize these transactions. ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.)   Dec. ​1: Purchased 1,700 shares of the​ company's $1 par value common stock as treasury​ stock, paying cash of $6 per share.   Date Accounts Debit Credit Dec. 1

​Cheap Discount Furniture, Inc. completed the following treasury stock transactions in 2024​: More info Dec. 1 Purchased 1,700 shares of the company's $1 par value common stock as treasury stock, paying cash of $6 per share. Dec. 15 Sold 300 shares of the treasury stock for cash of $9 per share. Dec. 20 Sold 1,300 shares of the treasury stock for cash of $1 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,100.)   Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Cheap Discount ​Furniture, Inc. report treasury stock on its balance sheet as of December ​31, 2024​? Requirement 1. Journalize these transactions. ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.)   Dec. ​1: Purchased 1,700 shares of the​ company's $1 par value common stock as treasury​ stock, paying cash of $6 per share.   Date Accounts Debit Credit Dec. 1

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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​Cheap Discount Furniture, Inc. completed the following treasury stock transactions in
2024​:
More info
Dec. 1
Purchased 1,700 shares of the company's $1 par value common stock as treasury stock, paying cash of $6 per share.
Dec. 15
Sold 300 shares of the treasury stock for cash of $9 per share.
Dec. 20
Sold 1,300 shares of the treasury stock for cash of $1 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,100.)
 
Requirements
1.
Journalize these transactions. Explanations are not required.
2.
How will
Cheap Discount
​Furniture, Inc. report treasury stock on its balance sheet as of
December
​31,
2024​?
Requirement 1. Journalize these transactions. ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.)
 
Dec.
​1: Purchased
1,700
shares of the​ company's $1 par value common stock as treasury​ stock, paying cash of
$6
per share.
 
Date
Accounts
Debit
Credit
Dec. 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

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