I No. Account Titles and Explanation(a)(b)CDebitCredit Current Attempt in ProgressPronghorn Company's balance sheet shows:Common stock, $20 parPaid-in capital in excess of parRetained earnings$3,000,000(a)(b)(c)1,070,000750,000Record the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automaticallyIndented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for theamounts.)Bought 8,100 shares of its common stock at $35 a share.Sold 4,100 treasury shares at $36 a share.Sold 1,900 shares of treasury stock at $31 a share.

Name: I No. Account Titles and Explanation(a)(b)CDebitCredit Current Attempt
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Description: I No. Account Titles and Explanation(a)(b)CDebitCredit Current Attempt in ProgressPronghorn Company's balance sheet shows:Common stock, $20 parPaid-in capital in excess of parRetained earnings$3,000,000(a)(b)(c)1,070,000750,000Record the following tr

Treasury stocks are repurchased shares of the company. The company has the power to reissue these…

Business

Accounting

Record the following transactions by the cost method. (List all debit entries before credit entries. Credit account Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account t amounts.) (a) (b) (c) Bought 8,100 shares of its common stock at $35 a share. Sold 4,100 treasury shares at $36 a share. Sold 1.900 shares of treasury stock at $31 a share.

Record the following transactions by the cost method. (List all debit entries before credit entries. Credit account Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account t amounts.) (a) (b) (c) Bought 8,100 shares of its common stock at $35 a share. Sold 4,100 treasury shares at $36 a share. Sold 1.900 shares of treasury stock at $31 a share.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

No. Account Titles and Explanation
(a)
(b)
C
Debit
Credit

Current Attempt in Progress
Pronghorn Company's balance sheet shows:
Common stock, $20 par
Paid-in capital in excess of par
Retained earnings
$3,000,000
(a)
(b)
(c)
1,070,000
750,000
Record the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automatically
Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the
amounts.)
Bought 8,100 shares of its common stock at $35 a share.
Sold 4,100 treasury shares at $36 a share.
Sold 1,900 shares of treasury stock at $31 a share.

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