Brief Exercise 15-8 Date Account Titles and Explanation Debit Credit 11/1/17 Bri

Question

Brief Exercise 15-8

Date

Account Titles and Explanation

Debit

Credit

11/1/17

Brief Exercise 15-8

Pearl Inc. has outstanding 11,100 shares of $10 par value common stock. On July 1, 2017, Pearl reacquired 101 shares at $88 per share. On September 1, Pearl reissued 61 shares at $91 per share. On November 1, Pearl reissued 40 shares at $86 per share.

Prepare Pearl’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

7/1/179/1/1711/1/17

7/1/179/1/1711/1/17

11/1/17

Explanation / Answer

JOURNAL ENTRIES:

Debit Credit 7/1/17 Treasury Stock 8,888 Cash 8,888 (101*$88) 9/1/17 Cash (61*$91) 5,551 Treasury Stock (61*$88) 5,368 Paid-in Capital from Treasury Stock 183 11/1/17 Cash (40*$86) 3,440 Paid-in Capital from Treasury Stock 80 Treasury Stock (40*$88) 3520

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