WileyPLUS Weygandt, Financial & Managerial Accounting, 2e Help System Announceme

Question

WileyPLUS Weygandt, Financial & Managerial Accounting, 2e Help System Announcements (1 Unread) R VERSION BACK NEXT ASSIGNMENT RESOURCES Chapter 11 HomeworkExercise 11-7 ?Exercise lis Your answer is partially correct. Try again. Problem 11-3A Part Rinehart Corporation purchased from its stockholders 5,500 shares of its own previously issued stock for $280,500. It later resold 1,775 shares for Review Score Review Results by Study $54 per share, then 1,775 more shares for $49 per share, and Objective finally 1,950 shares for $43 per share. Mobile Site Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Accoust Ticles and Esplanation Debit Credit

Explanation / Answer

Account titles & Explanations Debit Credit Treasury stock 280500 cash (5,500*51) 280,500 Cash (1775*54) 95850 Treasury stock (1775*51) 90525 paid in capital from Treasury stock (1775*3) 5325 Cash (1775*49) 86975 paid in capital from treasury stock 3550 Treasury stock (1775*51) 90525 Cash (1950*43) 83850 paid in capital from treasury stock 1775 Retained earnings 13825 paid in capital from treasury stock(1950*51) 99450

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