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Elroy Corporation repurchased 3,900 shares of its own stock for $35 per share. The stock has a par of $10 per share. A month later, Elroy resold 975 shares of the treasury stock for $43 per share. Required m. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B What is the balance of the treasury stock account after these transactions? Balance of treasury stock < Required A

Elroy Corporation repurchased 3,900 shares of its own stock for $35 per share. The stock has a par of $10 per share. A month later, Elroy resold 975 shares of the treasury stock for $43 per share. Required m. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B What is the balance of the treasury stock account after these transactions? Balance of treasury stock < Required A

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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Elroy Corporation repurchased 3,900 shares of its own stock for $35 per share. The stock has a par of $10 per share. A month later, Elroy resold 975 shares of the treasury stock for $43 per share. Required a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B What is the balance of the treasury stock account after these transactions? Balance of treasury stock < Required A
Transcribed Image Text:Elroy Corporation repurchased 3,900 shares of its own stock for $35 per share. The stock has a par of $10 per share. A month later, Elroy resold 975 shares of the treasury stock for $43 per share. Required a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B What is the balance of the treasury stock account after these transactions? Balance of treasury stock < Required A
Elroy Corporation repurchased 3,900 shares of its own stock for $35 per share. The stock has a par of $10 per share. A month later, Elroy resold 975 shares of the treasury stock for $43 per share. Required a. Record the two events in general journal format b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet A 8 Elroy Corporation repurchased 3,900 shares of its own stock for $35 per share. Record the transaction. Note: Enter debits before credits Event 1 General Journal Debit Credit
Transcribed Image Text:Elroy Corporation repurchased 3,900 shares of its own stock for $35 per share. The stock has a par of $10 per share. A month later, Elroy resold 975 shares of the treasury stock for $43 per share. Required a. Record the two events in general journal format b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet A 8 Elroy Corporation repurchased 3,900 shares of its own stock for $35 per share. Record the transaction. Note: Enter debits before credits Event 1 General Journal Debit Credit
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