History Bookmarks Window Help 23% D Tue 3:39 PM Ish edigen wileyplus.com nline E

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History Bookmarks Window Help 23% D Tue 3:39 PM Ish edigen wileyplus.com nline English Subbed WleyPLUS www.chegg I Help I Contact Us I Log Out Weygandt, Accounting Principles, 12e ACCOUNTING PRINCIPLES (AC 1101/1201/1162) Assignment Gradebook ORION Downloadable eTextbook ent BACK NEXT Exercise 13-7 On January 1, 2017, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,020,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions Mar. 1 Purchased 51,000 shares for cash at $15 per share uly 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 10,000 treasury shares for cash at $14 per share. ournalize the treasury stock transactions. (Record journal entries in the order presented in the probitm Credit account titles are automatically indented when amount is entered. Do not indent manualy.) Date Account Tities and Explanation Sept. 1 3 888 2 3 4 5 0

Explanation / Answer

Journal entry :

b) Journal entry ;

Date accounts & explanation debit credit Mar 1 Treasury stock (51000*15) 765000      Cash 765000 July 1 Cash (11000*17) 187000       Treasury stock (11000*15) 165000       Paid in capital from sale of treasury stock 22000 Sep 1 Cash (10000*14) 140000 Paid in capital from sale of treasury stock 10000       Treasury stock (10000*15) 150000

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