Do It! Review 11-2b Concord Corporation purchased 2,350 shares of its $8 par val

Question

Do It! Review 11-2b

Concord Corporation purchased 2,350 shares of its $8 par value common stock for $71,440 on August 1. It will hold these in the treasury until resold.

Journalize the treasury stock transaction. (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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Date

Account Titles and Explanation

Debit

Credit

Explanation / Answer

1-Aug Treasury stock 71440         Cash 71440

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