Westglow Corporation purchased 3,000 shares of its $5 par value common stock for a cash price...
Westglow Corporation purchased 3,000 shares of its $5 par value
common stock for a cash price of $10 per share. Two months later,
Westglow sold the treasury stock for a cash price of $8 per
share.
Prepare the journal entry to record the sale of the treasury stock
assuming (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
| (a) | No balance in Paid-in Capital from Treasury Stock. | |
| (b) | A $4,000 balance in Paid-in Capital from Treasury Stock. |
Homework Answers
| No | Account Titles | Debit | Credit |
| a. | Cash (3,000 X $8) | $24,000 | - |
| Retained earnings | $6,000 | - | |
| Treasury stock (3,000 X $10) | - | $30,000 | |
| b. | Cash | $24,000 | - |
| Paid in capital from treasury stock | $4,000 | - | |
| Retained earnings | $2,000 | - | |
| Treasury stock | - | $30,000 |
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