Question 12 On May 1, Southern Oil Corporation purchased 2,000 shares of its $10

Question

Question 12

On May 1, Southern Oil Corporation purchased 2,000 shares of its $10 par value common stock at a cash price of $13/share. On July 15, 900 shares of the treasury stock were sold for cash at $17/share.

Journalize the two transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

No.

Account Titles and Explanation

Debit

Credit

Open Show Work

No.

Account Titles and Explanation

Debit

Credit

Jul. 15May 1

Jul. 15May 1

Explanation / Answer

MAY 1 treasury stock 26,000

Cash 26,000

Jul 15 Cash (900*$17) 15,000

Treasury stock 11,700

Paid-in capital from stock 3,600

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