On April 2nd a corporation purchased for cash 5,000 shares of its own $10 par co

Question

           On April 2nd a corporation purchased for cash 5,000 shares of its own $10 par common stock at $16 per share. They sold 3,000 of the treasury shares at $19 per share on June 15th. The remaining 2,000 shares were sold on November 10th for $12 per share.

(a)

Journalize the entries to record the purchase (treasury stock is recorded at cost).

(b)

Journalize the entries to record the sale of the stock.

(a)

Journalize the entries to record the purchase (treasury stock is recorded at cost).

(b)

Journalize the entries to record the sale of the stock.

Explanation / Answer

(a)

(b)

Date General Journal Debit Credit April 2 Treasury Stock $80,000 Cash $80,000

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