On July 1, Monty Corp. purchases 450 shares of its $6 par value common stock for

Question

On July 1, Monty Corp. purchases 450 shares of its $6 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 300 shares of the treasury stock for cash at $13 pe share. per Journalize the two treasury stock transactions. (Record journal entries in the order presented in the problem. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit july 1 Treasury stock a/c 4500      Cash a/c (450*10) 4500 Sep 1 Cash a/c (300*13) 3900      Treasury stock a/c (300*10) 3000      Paid in capital from sale of treasury stock (300*3) 900

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