a. Apr. 1 Purchased in the market 370 shares of the company\'s own common stock
ID: 2718890 • Letter: A
Question
a. Apr. 1 Purchased in the market 370 shares of the company's own common stock at $30 per share. b. Jun. 14 Sold 70 shares of treasury stock for $35 cash per share. c. Sept. 1 Sold 60 shares of treasury stock for $25 cash per share. Required: 1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, these transactions. ( select "No journal entry required" in the first account field.) view transaction list journal entry worksheet Transaction General Journal Debit CreditExplanation / Answer
Transaction
General Journal
Debit
Credit
April 1 Purchase of the Company’s Own Stock
Treasury Stock
$11100
To Cash
$11100
June 14, Sold Treasury Stock
Cash
$2450
To Treasury stock
$2100
To paid in capital from Treasury Stock
$350
Sep 1 Sold Treasury Stock
Cash
$1500
paid in capital from Treasury Stock
$ 300
To treasury stock
$1800
***Assume that the Face value of stock is $30
Transaction
General Journal
Debit
Credit
April 1 Purchase of the Company’s Own Stock
Treasury Stock
$11100
To Cash
$11100
June 14, Sold Treasury Stock
Cash
$2450
To Treasury stock
$2100
To paid in capital from Treasury Stock
$350
Sep 1 Sold Treasury Stock
Cash
$1500
paid in capital from Treasury Stock
$ 300
To treasury stock
$1800
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