Please I want answer for these questions by typing. Big Thanks Prepare the necessary journal entry for each of the following transactions for Nadim Corporation.a) Purchased 5,000 shares of the company’s common stocks as treasury stock, paying cash of $18 per share.b) Sold 3,000 shares of the treasury stock for cash of $22 per share.c) Sold the remaining treasury stock for cash of $10 per share. What is treasury stock? What type of account is Treasury stock, and what is the account’s normal balance?

Pass necessary journal entries.

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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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Please I want answer for these questions by typing. Big Thanks

Prepare the necessary journal entry for each of the following transactions for Nadim Corporation.

a) Purchased 5,000 shares of the company’s common stocks as treasury stock, paying cash of $18 per share.
b) Sold 3,000 shares of the treasury stock for cash of $22 per share.
c) Sold the remaining treasury stock for cash of $10 per share.

What is treasury stock? What type of account is Treasury stock, and what is the account’s normal balance?

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