Question

On January 31, Wilderness Resorts Inc. reacquired 24,300 shares of its common stock at $31 per share. On April 20, Wilderness Resorts sold 14,900 of the reacquired shares at $41 per share. On October 4, Wilderness Resorts sold the remaining shares at $29 per share. Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording of account titles.

Answer 1

Answer

--Journal entries

Date	Accounts title	Debit	Credit	Working
31-Jan	Treasury Stock	$753,300		[24300 shares x $ 31]
	Cash		$753,300	[24300 shares x $ 31]
	(to record re acquisition)
20-Apr	Cash	$610,900		[14900 shares x $ 41]
	Treasury Stock		$461,900	[14900 shares x $ 31]
	Paid in Capital from Treasury Stock		$149,000	[14900 shares x $ 10]
	(to record re issue)
04-Oct	Cash	$272,600		[9400 shares x $ 29]
	Paid in Capital from Treasury Stock	$18,800		[9400 shares x $ 2]
	Treasury Stock		$291,400	[9400 shares x $ 31]
	(to record re issue)