acc/291 e11-5, e12-5

Project Description:

e11-5

mad city corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $250,000. it later resold 2,000 shares for $54 per share, then 2,000 more shares for $49 per share, and finally 1,000 shares for $40 per share.
prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (for multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
account/description debit credit






(to record purchase of treasury stock.)









(to record sale of of shares @$54 per share.)









(to record sale of of shares @$49 per share.)












(to record sale of of shares @$40 per share.)
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e12-5

wyrick inc. had the following transactions pertaining to investments in common stock.
jan. 1 purchased 2,500 shares of murphy corporation common stock (5%) for $140,000 cash plus $2,100 broker's commission.
july 1 received a cash dividend of $3 per share.
dec. 1 sold 500 shares of murphy corporation common stock for $32,000 cash, less $800 broker's commission.
dec. 31 received a cash dividend of $3 per share.
journalize the transactions. (for multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
date account/description debit credit
jan. 1





july 1





dec. 1








dec. 31





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