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Prepare the Journal entries needed for the following transactions occurring during 2003 for Kozloski, Inc.: (a) On 2/1/03, Kozloski's purchased for cash in the open market 1,00 shares to it's own common stock at $40 per share. (b) On 7/1/03,200 of the shares purchased on 2/1/03 were sold at $43 per share. (c) On 8/1/03, 200 more of the shares purchased on 2/1/03 were sold at $38 per share.

Prepare the Journal entries needed for the following transactions occurring during 2003 for Kozloski, Inc.: (a) On 2/1/03, Kozloski's purchased for cash in the open market 1,00 shares to it's own common stock at $40 per share. (b) On 7/1/03,200 of the shares purchased on 2/1/03 were sold at $43 per share. (c) On 8/1/03, 200 more of the shares purchased on 2/1/03 were sold at $38 per share.

FINANCIAL ACCOUNTING
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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Prepare the Journal entries needed for the following transactions occurring during 2003 for Kozloski, Inc.: (a) On 2/1/03, Kozloski's purchased for cash in the open market 1,00 shares to it's own common stock at $40 per share. (b) On 7/1/03,200 of the shares purchased on 2/1/03 were sold at $43 per share. (c) On 8/1/03, 200 more of the shares purchased on 2/1/03 were sold at $38 per share.
Transcribed Image Text:Prepare the Journal entries needed for the following transactions occurring during 2003 for Kozloski, Inc.: (a) On 2/1/03, Kozloski's purchased for cash in the open market 1,00 shares to it's own common stock at $40 per share. (b) On 7/1/03,200 of the shares purchased on 2/1/03 were sold at $43 per share. (c) On 8/1/03, 200 more of the shares purchased on 2/1/03 were sold at $38 per share.
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