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Problem #8 Treasury Stock Transactions Briones, Inc. has the following stock outstanding on Dec. 31, 2006: Ordinary Shares, P100 par, 100,000 shares authorized, 45,000 shares issued and outstanding Share Premium The following are the transactions that took place in 2007. Briones purchased 1,000 shares for P195 per share. Briones sold 600 of the shares purchased on Mar. 10 for P210 per share. Briones sold the 200 shares purchased on Mar. 10 for P190 per share. Oct. 15 Briones retired the remaining 200 shares. Mar. 10 June 19 Oct. 2 Required: Journalize the above transactions. P4,500,000 3,600,000 1-6

Problem #8 Treasury Stock Transactions Briones, Inc. has the following stock outstanding on Dec. 31, 2006: Ordinary Shares, P100 par, 100,000 shares authorized, 45,000 shares issued and outstanding Share Premium The following are the transactions that took place in 2007. Briones purchased 1,000 shares for P195 per share. Briones sold 600 of the shares purchased on Mar. 10 for P210 per share. Briones sold the 200 shares purchased on Mar. 10 for P190 per share. Oct. 15 Briones retired the remaining 200 shares. Mar. 10 June 19 Oct. 2 Required: Journalize the above transactions. P4,500,000 3,600,000 1-6

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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Problem #8 Treasury Stock Transactions Briones, Inc. has the following stock outstanding on Dec. 31, 2006: Ordinary Shares, P100 par, 100,000 shares authorized, 45,000 shares issued and outstanding Share Premium The following are the transactions that took place in 2007- Mar. 10 Briones purchased 1,000 shares for P195 per share. June 19 Oct. 2 Briones sold 600 of the shares purchased on Mar. 10 for P210 per share. Briones sold the 200 shares purchased on Mar. 10 for P190 per share. Oct. 15 Briones retired the remaining 200 shares. Required: Journalize the above transactions. P4,500,000 3,600,000 M
Transcribed Image Text:Problem #8 Treasury Stock Transactions Briones, Inc. has the following stock outstanding on Dec. 31, 2006: Ordinary Shares, P100 par, 100,000 shares authorized, 45,000 shares issued and outstanding Share Premium The following are the transactions that took place in 2007- Mar. 10 Briones purchased 1,000 shares for P195 per share. June 19 Oct. 2 Briones sold 600 of the shares purchased on Mar. 10 for P210 per share. Briones sold the 200 shares purchased on Mar. 10 for P190 per share. Oct. 15 Briones retired the remaining 200 shares. Required: Journalize the above transactions. P4,500,000 3,600,000 M
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