ACCT 2210 02 Prin of Acct 2 (Fall 17) st: ACCT 2210 02 EXAM 2 harris atz 1 Quest

Question

ACCT 2210 02 Prin of Acct 2 (Fall 17) st: ACCT 2210 02 EXAM 2 harris atz 1 Question: 20 pts Time 0046 5 16of23(23 complete) This Test: 1 ount Center Furniture, Inc. completed the following treasury stock transactions in 2018 uirements Journalize these transactions Explanations are not required How will Discount Center Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2013 Date Debit c. 15 Det 1 Purchased 1,400 stock, paying cash of 56 per share 15 Soid 300 shares af the treasury stock for cash of 59 per share 20 Sold 700 shares of the treasury stock for canh of 51 per share. (Assume the balance in Date Debit c 20 Print Done Inc 31, 20182 l onth-balance sheet asat on the balance sheet as total stockholders equty "Release All Jobs" button. Alternatively, you can choose to cancel or print individual job by clicking on the"[cancel]"or "[print]" link on the right of job under the 'Action" field. Your document should now begin printing to the specified printer.

Explanation / Answer

Journal entry :

Discount center furniture inc. will report treasury stock 2400 on the balance sheet as deduction to total stockholder's equity

Date accounts & explanation debit credit Dec 1 Treasury stock a/c (1400*6) 8400     Cash a/c 8400 (TO record treasury stock repurchased) Dec 15 Cash a/c (300*9) 2700    Treasury stock a/c (300*6) 1800    Paid in capital from sale of treasury stock 900 (To record treasury stock sale) Dec 20 Cash a/c (700*7) 700 Paid in capital from treasury stock transaction 2600 Retained earnings 900     Treasury stock (700*6) 4200 (To record treasury stock sold)

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

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