a. Apr. 1 Purchased in the market 370 shares of the company\'s own common stock

Question

a. Apr. 1 Purchased in the market 370 shares of the company's own common stock at $30 per share. b. Jun. 14 Sold 70 shares of treasury stock for $35 cash per share. c. Sept. 1 Sold 60 shares of treasury stock for $25 cash per share. Required: 1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, these transactions. ( select "No journal entry required" in the first account field.) view transaction list journal entry worksheet Transaction General Journal Debit Credit

Explanation / Answer

Transaction

General Journal

Debit

Credit

April 1 Purchase of the Company’s Own Stock

Treasury Stock

$11100

    To Cash

$11100

June 14, Sold Treasury Stock

Cash

$2450

To Treasury stock

$2100

To paid in capital from Treasury Stock

$350

Sep 1 Sold Treasury Stock

Cash

$1500

paid in capital from Treasury Stock

$ 300

        To treasury stock

$1800

***Assume that the Face value of stock is $30

Transaction

General Journal

Debit

Credit

April 1 Purchase of the Company’s Own Stock

Treasury Stock

$11100

    To Cash

$11100

June 14, Sold Treasury Stock

Cash

$2450

To Treasury stock

$2100

To paid in capital from Treasury Stock

$350

Sep 1 Sold Treasury Stock

Cash

$1500

paid in capital from Treasury Stock

$ 300

        To treasury stock

$1800

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