werner corporation has the following stockholders' equity accounts on january 1 2018 comon stock , 10$...
werner corporation has the following stockholders' equity accounts on january 1 2018
comon stock , 10$ per par value......................................$1.500.000
paid in capital in excess of par..........................................$200.000
retained earnings ...........................................................$500.000
total stockholders' equity .............................................$2.200.000
the company uses the cost method to account for treasury transactions during 2018 the following treasury stock transactions occured
april1 purchased 9000 shares at 16$ per share
august 1 sold 3.000 at 18$ per share
october 1 sold 3.000 at 15$ per share
journalize the treasury stock transactions for 2018
Homework Answers
Solution:
| Journal Entries | |||
| Date | Account Title and Explanation | Debit | Credit |
| 01-Apr | Treasury Stock Dr (9000*$16) | $1,44,000.00 | |
| To Cash | $20,000.00 | ||
| (To record purchase of 9000 Treasury stock) | |||
| 01-Aug | Cash Dr (3000*$18) | $54,000.00 | |
| To Treasury Stock (3000*$16) | $48,000.00 | ||
| To Paid in Capital from Treasury Stock | $6,000.00 | ||
| (To record sales of 3000 treasury shares) | |||
| 01-Oct | Cash Dr (3000*$15) | $45,000.00 | |
| Paid in Capital from Treasury Stock | $3,000.00 | ||
| To Treasury Stock (3000*$16) | $48,000.00 | ||
| (To record sales of 3000 treasury shares) | |||
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werner corporation has the following stockholders' equity
accounts on january 1 2018
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