During 2013, the following selected transactions affecting stockholders During 2

Question

During 2013, the following selected transactions affecting stockholders

During 2013, the following selected transactions affecting stockholders

During 2013, the following selected transactions affecting stockholders' equity occurred for Corner Corporation: Purchased 400 shares of the company's own common stock at $20 cash per share. Issued 100 of the shares purchased on February 1 for $30 cash per share. Issued 60 more of the shares purchased on February 1 for $15 cash per share. Prepare the indicated journal entries for each of the transactions.

Explanation / Answer

Hi,

Please find journal entries as below:

Feb 1

Treasury Stock (400 * 20) Dr. 8000
Cash Cr. 8000

Jul 15

Cash (100 * 30) Dr. 3000
Treasury Stock (100 * 20) Cr. 2000
Additional Paid in Capital - Treasury (100*10) Cr. 1000

Sep 1

Cash (60 * 15) Dr. 900
Additional Paid in Capital - Treasury (60 * 5) Dr. 300
Treasury Stock (60 * 20) Cr. 1200



Thanks.

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