Brief Exercise 15-9 Headland Corporation has outstanding 18,000 shares of $5 par

Question

Brief Exercise 15-9

Headland Corporation has outstanding 18,000 shares of $5 par value common stock. On August 1, 2017, Headland reacquired 220 shares at $82 per share. On November 1, Headland reissued the 220 shares at $70 per share. Headland had no previous treasury stock transactions. Prepare Headland’s journal entries to record these transactions using the cost method. Need help with the red incorrect mark. Thank you!

Brief Exercise 15-9 Your answer is partially correct. Try again. Headland Corporation has outstanding 18,000 shares of $5 par value common stock. On August 1, 2017, Headland reacquired 220 shares at $82 per share. On November 1, Headland reissued the 220 shares at $70 per share. Headland had no previous treasury stock Prepare Headland'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 8/1/17 Treasury Stock 18,040 Cash 18,040 11/1/17 Cash 15,400 Retained Earnings 9,000 Treasury Stock 24,400

Explanation / Answer

11/1/17 Cash 15400 =220*70 Retained earnings 2640        Treasury Stock 18040 =220*82

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

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