Question

On January 1, 2020, the stockholders’ equity section of Blue Spruce Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,030,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions occurred.

Exercise 13-07 a-b On January 1, 2020, the stockholders' equity section of Blue Spruce Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,030,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 52,000 shares for cash at $15 per share. July 1 Sold 10,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,000 treasury shares for cash at $14 per share. Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Restate the entry for September 1, assuming the treasury shares were sold at $11 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit

Answer 1

Answer
Date	Account Titles	Debit	Credit
Mar. 1	Treasury Stock ( 52,000 * 15)	$7,80,000
	Cash		$7,80,000
	(To records purchased of Treasury Stock for cash)
Jul. 1	Cash (10000*17)	$1,70,000
	Treasury Stock (10000*15)		$1,50,000
	Paid-In Capital - Treasury Stock (10000*2)		$   20,000
	(To records sale of Treasury Stock for cash)
Sept. 1	Cash (9000*14)	$1,26,000
	Paid-In Capital - Treasury Stock (9000*1)	$     9,000
	Treasury Stock (9000*15)		$1,35,000
	(To records sale of Treasury Stock for cash)
Dec. 1	Cash (9000*11)	$   99,000
	Paid-In Capital - Treasury Stock (9000*4)	$   36,000
	Treasury Stock (9000*15)		$1,35,000
	(To records sale of Treasury Stock for cash)