Sarasota Corporation purchased 3,500 shares of its $12 par value common stock for $234,500 on August...
Sarasota Corporation purchased 3,500 shares of its $12 par value
common stock for $234,500 on August 1. It will hold these shares in
the treasury until resold. On December 1, the corporation sold
2,100 shares of treasury stock for cash at $73 per share.
Journalize the 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.)
Homework Answers
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug 1 | Treasury stock | 234,500 | |
| Cash | 234,500 | ||
| Dex 31 | Cash (2100*73) | 153,300 | |
| Treasury stock (2100*12) | 25,200 | ||
| Paid in capital in excess of par - Treasury stock | 128,100 | ||
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Brief Exercise 11-5
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Do not indent manually. If no entry is...
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