On May 1, Blue Spruce Corporation purchased 2,700 shares of its $10 par value common stock at a cash price of $12/share. On July 15,800 shares of the treasury stock were sold for cash at $18/share. Journalize the two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation May 1 ✓ Treasury Stock Cash Jul. 15 ✓ Cash Treasury Stock Debit Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On May 1, Blue Spruce Corporation purchased 2,700 shares of its $10 par value common stock at a cash price of $12/share. On July
15, 800 shares of the treasury stock were sold for cash at $18/share.
Journalize the two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount
is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
No.
Account Titles and Explanation
May 1
Treasury Stock
Cash
Jul. 15
Cash
Treasury Stock
Debit
Credit
Transcribed Image Text:On May 1, Blue Spruce Corporation purchased 2,700 shares of its $10 par value common stock at a cash price of $12/share. On July 15, 800 shares of the treasury stock were sold for cash at $18/share. Journalize the two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation May 1 Treasury Stock Cash Jul. 15 Cash Treasury Stock Debit Credit
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