On January 1, 2022, the stockholders' equity section of Flint Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1.100,000; and retained earnings $1,170,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 52,000 shares for cash at $15 per share. July 1 Sold 10,000 treasury shares for cash at $17 per share. Sept. 1 Sold 8,000 treasury shares for cash at $14 per share. (a) Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Mar. 1 Cash Debit Credit

On January 1, 2022, the stockholders' equity section of Flint Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1.100,000; and retained earnings $1,170,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 52,000 shares for cash at $15 per share. July 1 Sold 10,000 treasury shares for cash at $17 per share. Sept. 1 Sold 8,000 treasury shares for cash at $14 per share. (a) Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Mar. 1 Cash Debit Credit

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 January 1, 2022, the stockholders' equity section of Flint Corporation shows common stock ($7 par value) $2,100,000; paid-in
capital in excess of par $1,100,000; and retained earnings $1,170,000. During the year, the following treasury stock transactions
occurred.
Mar. 1 Purchased 52,000 shares for cash at $15 per share.
July 1
Sold 10,000 treasury shares for cash at $17 per share.
Sept. 1 Sold 8,000 treasury shares for cash at $14 per share.
(a)
Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the
problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Date
Mar. 1
Cash
Debit
Credit

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