Oriole Inc. has outstanding 13,500 shares of $10 par value common stock. On July

Question

Oriole Inc. has outstanding 13,500 shares of $10 par value common stock. On July 1, 2017, Oriole reacquired 103 shares at $87 per share. On September 1, Oriole reissued 61 shares at $93 per share. On November 1, Oriole reissued 42 shares at $83 per share Prepare Oriole's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Date Account Titles and Explanation Debit Credit 1 July 2017 Treasury Stock (103*87)         8,961 Cash         8,961 1 September 2017 Cash (61*93)         5,673 Treasury Stock (61*87)         5,307 Paid-in capital in excess of par - Treasury Stock            366 1 November 2017 Cash (42*83)         3,486 Paid-in capital in excess of par - Treasury Stock            168 Treasury Stock (42*87)         3,654

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