Barron\'s AP United \" Paper Rater: Pre-Gr_ ? Bookmarks Bookmarks Short Exercise

Question

Barron's AP United " Paper Rater: Pre-Gr_ ? Bookmarks Bookmarks Short Exercise 12-08 (Algorithmic Treasury Stock Transactions Below are the stock transactions of Seoul Company during 2014 Oct. 1 Purchased 2,000 shares of its own $2 par yalue common steck for $20 per share, the current market price 17 Sold 460 shares of treasury stock purchased on October 1 for $25 per share 21 Sold 800 shares of treasury stock purchased on October 1 for $18 per share. Prepere the journal entries necessary to record Seoul Company's stock transactions during 2014. For a compound transaction, if an amount bex does not require Oct. 1, 2014 Acquired 2,000 shares of company's common stock Oct. 17,2014 460 shares of treasury stock 22, 2014 Sold 800 shares of treasury stock MacBoolk 80 04 3 4 5 8 QWF

Explanation / Answer

12-8) Journal entry :

Note : Please post next question individually for answer

Date accounts & explanation debit credit Oct 1 Treasury stock (2000*20) 40000     Cash 40000 (To record purchase treasury stock) Oct 17 Cash (460*25) 11500      Treasury stock (460*20) 9200      Paid in capital from sale of treasury stock 2300 (To record sale of treasury stock) Oct 21 Cash (800*18) 14400 Paid in capital from sale of treasury stock 1600      Treasury stock (800*20) 16000 (To record sale of treasury stock)

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.