Martinez Corporation purchased from its stockholders 6,500 shares of its own previously issued stock for $ 331,500. It later resold 2,600 shares for $ 54 per share, then 2,600 more shares for $ 49 per share, and finally 1,300 shares for $ 43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record purchase from stockholders.) (To record sales of shares at $ 54 per share.) (To record sales of shares at $49 per share.)
Martinez Corporation purchased from its stockholders 6,500 shares of its own previously issued stock for $ 331,500. It later resold 2,600 shares for $ 54 per share, then 2,600 more shares for $ 49 per share, and finally 1,300 shares for $ 43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record purchase from stockholders.) (To record sales of shares at $ 54 per share.) (To record sales of shares at $49 per share.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Martinez Corporation purchased from its stockholders 6,500 shares of its own previously issued stock for $ 331,500. It later resold
2,600 shares for $ 54 per share, then 2,600 more shares for $ 49 per share, and finally 1,300 shares for $ 43 per share.
Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (List all debit entries before credit
entries. Credit account titles are automatically indented when amount is entered. Do not indent manually,.)
Account Titles and Explanation
Debit
Credit
(To record purchase from stockholders.)
(To record sales of shares at $ 54 per share.)
(To record sales of shares at $49 per share.)
(To record sale of shares at $43 per share.)
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