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On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common stock at $26 per share. It sold 4,000 of the treasury shares at $29 per share on June 10. The remaining 3,000 shares were sold on November 10 for $22 per share. a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10

On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common stock at $26 per share. It sold 4,000 of the treasury shares at $29 per share on June 10. The remaining 3,000 shares were sold on November 10 for $22 per share. a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10

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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On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common stock at $26 per share. It sold 4,000 of the treasury shares at $29 per share on June 10. The remaining 3,000 shares were sold on November 10 for $22 per share. a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10 8
Transcribed Image Text:On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common stock at $26 per share. It sold 4,000 of the treasury shares at $29 per share on June 10. The remaining 3,000 shares were sold on November 10 for $22 per share. a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10 8
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