On January 23, Bayshore Corporation, for the first time in its short history, purchased 200 shares...
On January 23, Bayshore Corporation, for the first time in its short history, purchased 200 shares of its own common stock for $40 a share. On March 31, it sold 100 of those shares for $45 a share and properly recorded $500 as additional paid-in capital. On April 15, it sold the remaining 100 shares for $30 a share. Prepare the journal entry to record the April 15th transaction.
Homework Answers
| Date | Account | Debit | Credit |
| Apr 15 | cash (100*30) | 3000 | |
| Additional paid in capital, treasury stock | 1000 | ||
| Treasury stock (100*40) | 4000 |
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