On January 2, 2016, Alpha Corporation issued 15,000 shares of $10 par value common stock for...

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On January 2, 2016, Alpha Corporation issued 15,000 shares of $10 par value common stock for $15 per share. On March 1, 2016, Alpha reacquired 1,000 of these shares when they were trading $20 each. Use this information to prepare the General Journal entries (without explanation) for January 2 and March 1. Format BIU General Journal: Date Accounts Debit Credit

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Answer 1

Answer #1

		Debit	Credit
January 2,2016	Cash	225000		=15000*15
	Common Stock		150000	=15000*10
	Paid-in Capital in Excess of Par- Common Stock		75000

March 1,2016	Treasury Stock	20000		=1000*20
	Cash		20000

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Answer 2

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