Rocky Dog, Inc. purchases its own stock on the NASDAQ for $600,000 (It purchased 100,000 shares at $6 each). Six months...
Rocky Dog, Inc. purchases its own stock on the NASDAQ for $600,000 (It purchased 100,000 shares at $6 each). Six months later, Rocky Dog, Inc. then sells 50,000 of its shares held in treasury at $8 per share. Show the transactions you would make for these two entries. Next, let's assume Rock-Dog then sells the remaining shares of treasury it acquired at $2 per share.
Homework Answers
Journal entry
| No | Account and explanation | Debit | Credit |
| a | Treasury Stock | 600000 | |
| Cash | 600000 | ||
| (To record treasury stock purchase) | |||
| b | Cash (50000*8) | 400000 | |
| Treasury stock (50000*6) | 300000 | ||
| Paid in capital from sale of treasury Stock | 100000 | ||
| (To record sale of treasury Stock) | |||
| c | Cash (50000*2) | 100000 | |
| Paid in capital from sale of treasury Stock | 100000 | ||
| Retained earnings | 100000 | ||
| Treasury Stock | 300000 | ||
| (To record sale of treasury stock) |
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