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On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $28 a share. It sold 4,000 of the treasury shares at $31 a share on June 10. The remaining 2,000 shares were sold on November 10 for $24 a share. Required: a. Journalize the entries to record the purchase (treasury stock is recorded at cost)." b. Journalize the entries to record the sale of the stock.* "Refer to the Chart of Accounts for exact vording of account titles.

On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $28 a share. It sold 4,000 of the treasury shares at $31 a share on June 10. The remaining 2,000 shares were sold on November 10 for $24 a share. Required: a. Journalize the entries to record the purchase (treasury stock is recorded at cost)." b. Journalize the entries to record the sale of the stock.* "Refer to the Chart of Accounts for exact vording of account titles.

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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Instruction On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $28 a share. It sold 4,000 of the treasury shares at $31 a share on June 10. The remaining 2,000 shares were sold on November 10 for $24 a share. Required: a. Journalize the entries to record the purchase (treasury stock is recorded at cost).* b. Journalize the entries to record the sale of the stock.* *Refer to the Chart of Accounts for exact tvording of account titles.
Transcribed Image Text:Instruction On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $28 a share. It sold 4,000 of the treasury shares at $31 a share on June 10. The remaining 2,000 shares were sold on November 10 for $24 a share. Required: a. Journalize the entries to record the purchase (treasury stock is recorded at cost).* b. Journalize the entries to record the sale of the stock.* *Refer to the Chart of Accounts for exact tvording of account titles.
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