Sanchez and Santos had the following transactions during the past year involving the purchase and sale of treasury stock.
July 14
Purchased 4,000 shares of its own $12 par common stock for $15 per sharE.17
Sold 2,000 shares of the treasury stock for $17 per sharE.29
Sold 2,000 shares of the treasury stock for $13 per sharE.Required:
Prepare the journal entries for the transactions.

Question

Quizplus · Accepted Answer

The Answer of Sanchez and Santos had the following transactions during the past year involving the purchase and sale of treasury stock.
July 14
Purchased 4,000 shares of its own $12 par common stock for $15 per sharE.17
Sold 2,000 shares of the treasury stock for $17 per sharE.29
Sold 2,000 shares of the treasury stock for $13 per sharE.Required:
Prepare the journal entries for the transactions.

Sanchez and Santos Had the Following Transactions During the Past