On April 2 a corporation purchased for cash 5,000 shares of its own $10 par common stock at $16 a share. It sold 3,000 of the treasury shares at $19 a share on June 10. The remaining 2,000 shares were sold on November 10 for $12 a share.
(a) Journalize the entries to record the purchase (treasury stock is recorded at cost).
(b) Joumalize the entries to record the sale of the stock.

Question

On April 2 a corporation purchased for cash 5,000 shares of its own $10 par common stock at $16 a share. It sold 3,000 of the treasury shares at $19 a share on June 10. The remaining 2,000 shares were sold on November 10 for $12 a share.
​ (a) Journalize the entries to record the purchase (treasury stock is recorded at cost).
(b) Joumalize the entries to record the sale of the stock.

Quizplus · Accepted Answer

The Answer of On April 2 a corporation purchased for cash 5,000 shares of its own $10 par common stock at $16 a share. It sold 3,000 of the treasury shares at $19 a share on June 10. The remaining 2,000 shares were sold on November 10 for $12 a share.
​ (a) Journalize the entries to record the purchase (treasury stock is recorded at cost).
(b) Joumalize the entries to record the sale of the stock.

On April 2 a Corporation Purchased for Cash 5,000 Shares