Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020, Sheffield reacquired 113 shares at $88 per share. On September 1. Sheffield reissued 62 shares at $94 per share On November 1, Sheffield reissued 51 shares at $0 per share Prepare Sheffield's journal entries to record these transactions using the cost method 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 for the amounts) Date Account Titles and Explanation Debit Credit 11/1/20

Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020, Sheffield reacquired 113 shares at $88 per share. On September 1. Sheffield reissued 62 shares at $94 per share On November 1, Sheffield reissued 51 shares at $0 per share Prepare Sheffield's journal entries to record these transactions using the cost method 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 for the amounts) Date Account Titles and Explanation Debit Credit 11/1/20

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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On May 1, Carla Vista Corporation purchased 2,800 shares of its $10 par value common stock at a cash price of $13/share. On July 15, 750 shares of the treasury stock were sold for cash at $18/share. Journalize the two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit May 1 Treasury Stock 36400 Cash 36400 Jul. 15 Cash Treasury Stock Paid-in Capital from Treasury Stock Save for Later Attempts: 1 of 4 used Submit Answer
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