nt PRINTER VERSIONBACK Do Itl Review 13-3 Fouts Corporation purchased 4,000 shar

Question

nt PRINTER VERSIONBACK Do Itl Review 13-3 Fouts Corporation purchased 4,000 shares of its $12 par value common stock for $264,000 on August 1. It will hoid these shares in the treasury until resold. On December 1, s corporation sold 2,400 shares of treasury stock for cash at $75 per share. bournalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credt amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Click if you would like to Show work for this question: QsSha War OW ST OF ACCOUNTS

Explanation / Answer

Solution :

To paid in capital from $21,600

Treasury stock

Date Aaccount Titles Debit Credit Aug 1 Treasury stock Dr $264,000 To cash $264,000 Dec 1 cash Dr $180,000 To treasury stock $158,400

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