Brief Exercise 11-6 On July 1, Blossom Company purchases 470 shares of its $4 pa

Question

Brief Exercise 11-6 On July 1, Blossom Company purchases 470 shares of its $4 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 320 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions. (Record journal entries in the order presented in the problem. 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 o for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Date Particulars Debit Credit 01.07.20xx Treasury Stock Dr. (470*8) 3760 To Cash 3760 (Being treasury shares issued) 01.09.20xx Cash Dr. (320*12) 3840 To Treasury Stock (320*8) 2560 To Additional paid in capital-Treasury stock 1280 (Being treasury stock resell)

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

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