Brief Exercise 15-8 Whispering Inc. has outstanding 12,000 shares of $10 par val

Question

Brief Exercise 15-8 Whispering Inc. has outstanding 12,000 shares of $10 par value common stock. On July 1, 2017, Whispering reacquired 114 shares at $89 per share. On September 1, Whispering reissued 63 shares at $93 per share. On November 1, Whispering reissued 51 shares at $85 per share. Prepare Whispering'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 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Date Account Debit credit 1July 2017 Treasury stock 10146 cash 10146 [shares reacquired]{114*89} 1sep 2017 cash   [63*93] 5859 Additional paid in capital -treasury stock 252 Treasury stock [63*89] 5607 [Treasury stock reissued] 1 nov 2017 cash [51*85] 4335 Additional paid in capital -treasury stock 204 Treasury stock [51*89] 4539

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