# Knowledge Check 01**Scenario:**During Year 1, Long Beach Corporation completed the treasury stock transactions described below:- **Jan. 2:** Reacquired 1,000 shares at $10 per share- **Feb. 2:** Sold 400 shares at $12 per share**Task:**Prepare the appropriate journal entry to record the sale of the treasury stock on February 2. *(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)***Instructions:**- View transaction list if needed.- Record the sale in the journal entry worksheet provided.**Journal Entry Worksheet:**- **Record the sale of the treasury stock on February 2.****Note:**- Enter debits before credits.**Journal Entry Table:**- **Event:** 01- **General Journal:** - Debit: [Blank] - Credit: [Blank]---This exercise involves determining the correct debits and credits for the transaction of selling treasury stock, taking into account the cost at which the stock was reacquired and the price at which it was sold.

Solution: Long Beach Corporation - Journal Entries Date Particulars Debit Credit 2-Jan…

Answered: Knowledge Check 01 During Year 1, Long…

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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