On July 1, Bridgeport Corporation purchases 680 shares of its $5 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 430 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.)
On July 1, Bridgeport Corporation purchases 680 shares of its $5 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 430 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On July 1, Bridgeport Corporation purchases 680 shares of its $5 par value common stock for the treasury at a cash price of $9 per
share. On September 1, it sells 430 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
Account Titles and Explanation
Debit
Credit
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