On April 2 a corporation purchased for cash 5,000 shares of its own $15 par common stock at $26 per share. It sold 3,000 of the treasury shares at $29 per share on June 10. The remaining 2000 shares were sold on November 10 for $22 per share. Question Content Area a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 Accounts PayableCashCommon StockPaid-In Capital from Sale of Treasury StockTreasury Stock Accounts PayableCashCommon StockPaid-In Capital from Sale of Treasury StockTreasury Stock Question Content Area b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockTreasury Stock CashCommon StockPreferred StockRetained EarningsTreasury Stock CashCommon StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Common StockPreferred Stock Jun. 10 Nov. 10 Accounts PayableCashCommon StockPreferred StockTreasury Stock Common StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Common StockPreferred StockTreasury Stock CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockTreasury Stock
On April 2 a corporation purchased for cash 5,000 shares of its own $15 par common stock at $26 per share. It sold 3,000 of the treasury shares at $29 per share on June 10. The remaining 2000 shares were sold on November 10 for $22 per share. Question Content Area a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 Accounts PayableCashCommon StockPaid-In Capital from Sale of Treasury StockTreasury Stock Accounts PayableCashCommon StockPaid-In Capital from Sale of Treasury StockTreasury Stock Question Content Area b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockTreasury Stock CashCommon StockPreferred StockRetained EarningsTreasury Stock CashCommon StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Common StockPreferred Stock Jun. 10 Nov. 10 Accounts PayableCashCommon StockPreferred StockTreasury Stock Common StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Common StockPreferred StockTreasury Stock CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockTreasury Stock
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Hh1.
Transcribed Image Text:On April 2 a corporation purchased for cash 5,000 shares of its own $15 par common stock at $26 per share. It sold 3,000
of the treasury shares at $29 per share on June 10. The remaining 2000 shares were sold on November 10 for $22 per
share.
Question Content Area
a. Journalize the entries to record the purchase (treasury stock is recorded at cost).
Apr. 2 Accounts PayableCashCommon StockPaid-In Capital from Sale of Treasury StockTreasury Stock
Accounts PayableCashCommon StockPaid-In Capital from Sale of Treasury StockTreasury Stock
Question Content Area
b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank.
CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockTreasury Stock
CashCommon StockPreferred StockRetained EarningsTreasury Stock
CashCommon StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Common
StockPreferred Stock
Jun.
10
Nov.
10
Accounts PayableCashCommon StockPreferred StockTreasury Stock
Common StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Common
StockPreferred StockTreasury Stock
CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockTreasury Stock
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education