80.2K

Verified Solution

Link Copied!

Treasury stock transactions

Journal

Instructions November $23,5,100$ of the reacquired shares were sold at $$20.$

Required:

a$.$ Journalize the transactions of January $31,$ June $14,$ and November $23.$ Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

c$.$ What is the balance in Paid$-$In Capital from Sale of Treasury Stock on December $31$ of the current year?

b$.$ What is the balance in Treasury Stock on December $31$ of the current year?

d$.$ How will the balance in Treasury Stock be reported on the balance sheet?

Journal CNOW journals will automatically indent a credit entry when a credit amount is entered.

$\backslash$table$[[,,,,,,,$PAGE $10],[,,,,,,$ACCOU,JNTING EQUATION$],[,$DATE,DESCRIPTION,$\backslash$table$[[$POST$.],[$REF$.]],$DEBIT,CREDIT,ASSETS,LIABILITIMEQUITY$],[1,,,,,,,],[2,,,,,,,],[3,,,,,,,],[4,,,,,,,],[5,,,,,,,],[6,,,,,,,],[7,,,,,,,],[8,,,,,,,]]$

Final Questions

b$.$ What is the balance in Paid$-$In Capital from Sale of Treasury Stock on December $31$ of the current year?

c$.$ What is the balance in Treasury Stock on December $31$ of the current year?

$

d$.$ How will the balance in Treasury Stock be reported on the balance sheet?

Answer & Explanation Solved by verified expert

See Answer