Prepare the necessary journal entries for the following transactions: On April 5, 2021, Graham Company purchased 2,000 shares of its own $1 par value common stock (treasury stock) at a cost of $35 per share.On October 8, 2021, the company reissued 1,200 shares at a price of $37 per share.On November 20, 2021, the company reissued the remaining 800 shares at a price of $31 per share.

Treasury stocks are repurchased shares of the company. The company can reissue these repurchased…

Answered: Prepare the necessary journal entries…

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 necessary journal entries for the following transactions:

On April 5, 2021, Graham Company purchased 2,000 shares of its own $1 par value common stock (treasury stock) at a cost of $35 per share.
On October 8, 2021, the company reissued 1,200 shares at a price of $37 per share.
On November 20, 2021, the company reissued the remaining 800 shares at a price of $31 per share.

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