AUmeAR ld W oBoune-Again SHell During the year, the following selected transacti

Question

AUmeAR ld W oBoune-Again SHell During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: b. Jul 15 c. Sept. 1 Sold 50 of the shares purchased on February 1 for $26 cash per share. a Feb. 1 Repurchased 20o shares of te companys own common stock at sm cash per share s own common stock at $27 cash per share. Required 1. Prepare the journal entry required for each of the above transactions (If no entry is required for a transactionlevent, sele ct "No journal entry required" in View transaction list Journal entry worksheet 2 3 Repurchased 200 shares of the company's own common stock at $27 cash per share. No journal entry required Accounts payable Additional paid-in capital Available for sale securities Bonds payable Note: Enter debit DebitCredit Transaction

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Feb 1 Treasury Stock (200*27) 5400 Cash 5400 (To record treasury stock purchased) Jul 15 Cash (80*28) 2240 Treasury Stock (80*27) 2160 Paid in capital from sale of treasury Stock 80 (To record sale of treasury Stock) Sep 1 Cash (50*26) 1300 Paid in capital from sale of treasury Stock 50 Treasury Stock (50*27) 1350 (To record sale of treasury stock)

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