Discount World Furniture Inc. completed the following treasury stock transaction

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Discount World Furniture Inc. completed the following treasury stock transactions in 2016

This Question: 1 pt Discount World Furniture, Inc. completed the following treasury stock transactions in 2016 Click the icon to view the transactions ) Requirements 1. Journalize these transactions. Explanations are not required 2. How will Discount World Furniture, Inc. report treasury stock on its balance sheet as of December 31, 20162 Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries) Dec. 1: Purchased 1,600 shares of the company's $1 par value common stock as treasury stock, paying cash of $8 per share. Date Accounts and Explanation Debit Credit Dec. 1

Explanation / Answer

1 Journal Entries of Langley Corporation for the year 2016 Date Account Titles and Explanation Debit   Credit In ($) 2016 December, 1 Treasury Stock a/c            12,800 To Cash a/c             12,800 (Purchased 1600 shares for $8 per share ) December, 15 Cash a/c              2,200 To Treasury Stock a/c               2,200 (Sold 200 shares for $11 per share ) December, 20 Cash a/c              3,200 To Treasury Stock a/c               3,200 (Sold 800 shares for $4 per share ) 2 Discount World furniture, Inc. will report treasury stock   stockholder's equity on the balancesheet as common stock under contributed capital to total stockholder's equity

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