Swifty Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2025, Swifty reacquired 190 shares at $79 per share. On November 1, Swifty reissued the 140 shares at $70 per share. Swifty had no previous treasury stock transactions. Prepare Swifty's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Record entries in the order displayed in the problem statement.)
Swifty Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2025, Swifty reacquired 190 shares at $79 per share. On November 1, Swifty reissued the 140 shares at $70 per share. Swifty had no previous treasury stock transactions. Prepare Swifty's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Record entries in the order displayed in the problem statement.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Swifty Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2025, Swifty reacquired 190 shares at
$79 per share. On November 1, Swifty reissued the 140 shares at $70 per share. Swifty had no previous treasury stock transactions.
Prepare Swifty's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit
account titles are automatically indented when the 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. Record entries in the order displayed in the problem statement.)
Date
8/1/25
11/1/25
Account Titles and Explanation
Treasury Stock
Cash
Cash
Paid-in Capital from Treasury Stock
Treasury Stock
Debit
15010
9800
100
5210
Credit
15010
15010
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