Question

- Section of 4 par value) 1107002 the Year the On January 1, 2020, the stockholders' equity Sectio Sheffield corporation shows common stock ($41 $1,200,000; faid-in capital in excess of par and retained earnings $1,220,000. During the following treasury Stock transactions occurred. Mar. 1- Purchased 41,000 shares for cash at $15 per July. i-sold 10,000 treasury Shares for cash at $17 Sept. 1-sold 8,500 treasury Shares for cash at $147 Journalize the treasury stock transactions (Record entries in the order Presented in the problem. Crea account titles are automatically indented when amo entered. Do not indent manually.) Date Account Titles and Explanation $15 pershare. + $17 per Share, at $14 per Sharee journal actions (Record Nem. Credit en amount is Debit credit itles and Explanation for sept. 1, assuming the treasury Shares Restate the entry for sept. 1, assuming the tree were sold out $1 per Shave Credit account tites are automatically indented when amount is entered) Date Account titles and Explanation Debit credit

Answer 1

Credit Date Mar. 01 Debit 705,000 $ 705,000 July 01 $ 170,000 Account Titles and Explanation Treasury Stock (47,000 * $15) Cash Cash (10,000 * $17) Treasury Stock (10,000 * $15) Paid-in Capital from Treasury Stock Cash (8,500 * $14) Paid-in Capital from Treasury Stock Treasury Stock (8,500 * $15) $ $ 150,000 20,000 Sept. 01 $ 119,000 8,500 $ 127,500 Credit Date Sept. 01 Account Titles and Explanation Cash (8,500 * $11) Paid-in Capital from Treasury Stock Retained Earnings Treasury Stock (8,500 * $15) Debit 93,500 20,000 14,000 $ 127,500