On January 1, Sunshine Corporation had 47,100 shares of $12 par value common stock issued and...
On January 1, Sunshine Corporation had 47,100 shares of $12 par value common stock issued and outstanding. All 47,100 shares had been issued in a prior period at $20 per share. On February 1, Sunshine purchased 1,010 shares of treasury stock for $24 per share and later sold the treasury shares for $22 per share on March 1.
Which of the following would be included in the journal entry to record the purchase of the treasury shares on February 1?
Select the correct answer.
debit to Treasury Stock for $24,240.
credit to a gain account for $4,040.
credit to Treasury Stock for $24,240.
debit to a loss account for $4,040.
Homework Answers
Correct answer is option A. Debit to Treasury stock for 24,240
Journal entry to record the purchase of the treasury shares on February 1 is as follows
Treasury stock A/C Dr 24,240
Cash A/c 24,240
(1010*24)
NOTE ;- The above solution is based on assumption that company follows Cost method to record Treasury stock.
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