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Roca Company originally issued 30,000 shares of $5 par common stock for $240,000 on January 3,...

Roca Company originally issued 30,000 shares of $5 par common stock for $240,000 on January 3, 2020. Roca purchased 1,500 shares of treasury stock for $15,000 on November 2, 2020. On December 6, 2020, 600 shares of the treasury stock are sold for $7,200.

Prepare journal entries to record these stock transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

No.

Account Titles and Explanation

Debit

Credit

Jan. 3Nov. 2Dec. 6

Dec. 6Jan. 3Nov. 2

Jan. 3Dec. 6Nov. 2

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Answer #1

Prepare journal entries to record these stock transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

No.

Account Titles and Explanation

Debit

Credit

Jan. 3

Cash

240000

Common Stock (30000*5)

150000

Paid in capital in excess of par value-Common Stock

90000

Nov. 2

Treasury stock

15000

Cash

15000

Dec. 6

Cash

7200

Treasury stock

6000

Paid in capital from sale of treasury stock

1200
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