On January 1,2015,the accounts of CXC reflected the following:
The single-transaction method is used.On February 1,2015,CXC purchased 5,000 of its own shares at $2.10 per share.Later,on December 1,2015,CXC sold 2,000 of these treasury shares at $1.50 per share.Give the journal entry on December 1,2015,to record this sale of treasury stock.

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The Answer of On January 1,2015,the accounts of CXC reflected the following:
The single-transaction method is used.On February 1,2015,CXC purchased 5,000 of its own shares at $2.10 per share.Later,on December 1,2015,CXC sold 2,000 of these treasury shares at $1.50 per share.Give the journal entry on December 1,2015,to record this sale of treasury stock.

On January 1,2015,the Accounts of CXC Reflected the Following