Question

Required Information The following Infarmation applies to the questions dlspleyed below] The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 578 shares of the company's on comon stock at $37 cash per share; the stock is now held in treasury July 15 Issuad i8s of the shares purchased an February 1 for $47 cash per share. Sept. 1 Issued 145 mare of the shares purchased on February 1 for $32 cash per share. 2 Prepare journal entries for each of the transactions. (If no entry Is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Vw trac ta Journal entry worksheet Record the purchase of 570 shares of previously issued common stock for a price of $37 per share. Note: Enter debits before credis. Date General Journal Debit Credit Fob 1 V gnal ournal Hecord wntry Crntry

Answer 1

Answer 1 Credit Journal Entry Date General Journal Feb. 1 Treasury Stock (570 shares x $37) Cash (To record the purchase of treasury stock) Debit $21,090 $21,090 Credit | Date Jul. 15 Debit $8,695 General Journal Cash (185 shares x $47) Treasury Stock (185 shares x 37 per share) Additional Paid in Capital (185 shares x ($47 - $37)] (To record the issue of treasury shares) $6,845 $1,850 Credit Date General Journal Sept. 1 Cash (145 shares x $32) Additional Paid in Capital (145 shares x ($37- $32)] Treasury Stock (145 shares x 37 per share) (To record the issue of treasury shares) Debit $4,640 $725 $5,365