On July 1, Bridgeport Corporation purchases 480 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 230 shares of

FINANCIAL ACCOUNTING
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Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On July 1, Bridgeport Corporation purchases 480 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 230 shares of the treasury stock for cash at $11 per share.
Journalize the two 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.)
Date
July 1
v
Sept. 1 v
Account Titles and Explanation
Treasury Stock
Cash
Cash
Treasury Stock
Paid-in Capital from Treasury Stock
Debit
4500
3300
Credit
4500
2700
600
Transcribed Image Text:On July 1, Bridgeport Corporation purchases 480 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 230 shares of the treasury stock for cash at $11 per share. Journalize the two 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.) Date July 1 v Sept. 1 v Account Titles and Explanation Treasury Stock Cash Cash Treasury Stock Paid-in Capital from Treasury Stock Debit 4500 3300 Credit 4500 2700 600
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