Organization 11,000 shares of $1 par value common stock at a price of $19 per share....
Organization 11,000 shares of $1 par value common stock at a price of $19 per share. On Sep. 2, organization reacquires 1,000 shares at $21 per share. On Sep. 16, organization sells 125 treasury shares at $24 per share. Journal entries for Sep. 2 and Sep. 16
Homework Answers
Solution
| Date | General Journal | Debit | Credit |
| 2-Sep | Treasury stock | $ 21,000 | |
| Cash | $ 21,000 | ||
| (To record issue of treasury shares) | |||
| 16-Sep | Cash | $ 3,000 | |
| Treasury stock | $ 375* | ||
| Paid in capital-Treasury shares | $ 2,625 | ||
| (To record sale of treasury stock) |
*$375 is gain on sale of treasury stock (125 x 3)
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