February 1, Jones repurchased 2,000 shares of treasury stock at a price of $18 per share. March...
February 1, Jones repurchased 2,000 shares of treasury stock at a price of $18 per share.
March 1, 800 shares of treasury stock repurchased above were reissued at $17 per share.
March 18, 500 shares of treasury stock repurchased above were reissued at $14 per share.
April 22, 600 shares of treasury stock repurchased above were reissued at $20 per share.
Instructions:
- Prepare the journal entries to record the treasury stock transactions in 2007, assuming Jones uses the cost method.
Homework Answers
Answer -
Journal entries to record the treasury stock transactions
| Date | General Journal | Debit ($) | Credit ($) |
| February 1 |
Treasury Stock [2000 shares * $18] Cash |
36000 - |
- 36000 |
| March 1 |
Cash [800 shares * $17] Retained Earnings [Difference] Treasury Stock [800 shares * $18] |
13600 800 - |
- - 14400 |
| March 18 |
Cash [500 shares * $14] Retained Earnings [Difference] Treasury Stock [500 shares * $18] |
7000 2000 - |
- - 9000 |
| April 22 |
Cash [600 shares * $20] Treasury Stock [600 shares * $18] Paid-in Capital from Treasury Stock [Difference] |
12000 - - |
- 10800 1200 |
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