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Question Help S13-6 (book/static) Discount Furniture, Inc. completed the following treasury stock transactions in 2018 (Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2018? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash of $5 per share. Date Accounts Debit Credit Dec. 1 - X More Info Dec 1 Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash of $5 per share. 15 Sold 200 shares of the treasury stock for cash of $8 per share. 20 Sold 1,000 shares of the treasury stock for cash of $1 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,400.) Print Done

Answer 1

1)
Date	Account Titles and Explanation	Debit (in $)	Credit (in $)
December - 01	Treasury stock (1,900 Shares x $ 5)	$ 9,500
	Cash		$ 9,500
	(To record the Purchase of Treasury stock )
December - 15	Cash (200 shares x $ 8)	$ 1,600
	Treasury stock                 (200 shares x $ 5)		$ 1,000
	Paid in capital from treasury stock		$ 600
	(To record the sale of Treasury Stock)
December - 20	Cash (1,000 shares x $1)	$ 1,000
	Paid in capital from treasury stock - Given Balance	$ 2,400
	Retained earnings       - Balancing Fig.	$ 1,600
	Treasury stock               (1,000 Shares x $ 5)		$ 5,000
	(To record the sale of Treasury Stock)
2)	Disount Furniture Inc. will report Treasury Stock at the end of the Stockholder's equity Section on the balance sheet as a deduction to Total Stockholder's Equity