Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 550 shares of the company's own common stock at $35 cash per share; the stock is now held in treasury. July 15 Issued 175 of the shares purchased on February 1 for $45 cash per share. September 1 Issued 135 more of the shares purchased on February 1 for $30 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets = Liabilities + Stockholders' Equity February 1 Cash + Treasury Stock 19,250 7,875 = July 15 Cash + Treasury Stock July 15 + Additional Paid-In Capital, Treasury Stock September 1 Cash 4,050 = + Treasury Stock September 1 + Additional Paid-In Capital, Treasury Stock 19,250 6,125 1,750 4,725 (675)

Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 550 shares of the company's own common stock at $35 cash per share; the stock is now held in treasury. July 15 Issued 175 of the shares purchased on February 1 for $45 cash per share. September 1 Issued 135 more of the shares purchased on February 1 for $30 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets = Liabilities + Stockholders' Equity February 1 Cash + Treasury Stock 19,250 7,875 = July 15 Cash + Treasury Stock July 15 + Additional Paid-In Capital, Treasury Stock September 1 Cash 4,050 = + Treasury Stock September 1 + Additional Paid-In Capital, Treasury Stock 19,250 6,125 1,750 4,725 (675)

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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