On January 1, 2027, the stockholders' equity section of Sandhill Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,100,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 49,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 10,000 treasury shares for cash at $14 per share. (a) Journalize the treasury stock transactions. (Record Journal entries in the order presented in the problem, Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
On January 1, 2027, the stockholders' equity section of Sandhill Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,100,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 49,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 10,000 treasury shares for cash at $14 per share. (a) Journalize the treasury stock transactions. (Record Journal entries in the order presented in the problem, Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2027, the stockholders' equity section of Sandhill Corporation shows common stock ($5 par value) $1,500,000; paid-in
capital in excess of par $1,100,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions
occurred.
Mar. 1 Purchased 49,000 shares for cash at $15 per share.
July 1
Sold 11,000 treasury shares for cash at $17 per share.
Sept. 1
Sold 10,000 treasury shares for cash at $14 per share..
4
(a)
Journalize the treasury stock transactions. (Record Journal entries in the order presented in the problem. Credit account titles are
automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts. List all debit entries before credit entries.)
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