On January 1, 2014, the stockholders\' equity section of Newlin Corporation show

Question

On January 1, 2014, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,061,900; and retained earnings $1,179,900. During the year, the following treasury stock transactions occurred. Journalize the treasury stock transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Explanation / Answer

1-Mar Treasury Stock A/C(Purchase A/C)       Dr.        735,000                     To Cash A/C        735,000 1-Jul Cash A/C Dr.        181,900    To Treasury Stock A/C(Purchase A/C)        181,900 1-Sep Cash A/C Dr.        133,840    To Treasury Stock A/C(Purchase A/C)        133,840

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