Additional Exercise 289 On January 1, 2018, Dreamy Company issued 30,000 shares

Question

Additional Exercise 289 On January 1, 2018, Dreamy Company issued 30,000 shares of $2 par value common stock for $150,000. On March 1, 2018, the company purchased 6,000 shares of its common stock for $7 per share for the treasury. On June 1, 2018, 1,500 of the treasury shares are sold for $10 per share. On September 1, 2018, 3,000 treasury shares are sold at $5 per share. Journalize the stock transactions of Dreamy Company in 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit Jan. 1 Mar. 1 June 1 Sept. 1

Explanation / Answer

No. Account titles and explanation Debit Credit Jan. 1 Cash $150,000 Common Stock $60,000 Paid-In Capital in Excess of Par $90,000 Mar. 1 Treasury Stock $42,000 Cash $42,000 June 1 Cash $15,000 Treasury Stock $10,500 Paid-In Capital from Treasury Stock $4,500 Sept. 1 Cash $15,000 Paid-In Capital from Treasury Stock $4,500 Retained Earnings $1,500 Treasury Stock $21,000

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