Psutka Corporation s general ledger shows the following account balances the
Psutka Corporation’s general ledger shows the following account balances (the average cost of Psutka’s shares is $30 per share), among others. The Contributed Surplus relates to the common shares.
Instructions
Assuming that the above balances existed before any of the transactions that follow, record the journal entries for each transaction.
(a). Bought and cancelled 430 shares at $38 per share.
(b). Bought and cancelled 200 shares at $44 per share.
(c). Sold 3,200 shares at $41 per share.
(d). Sold 1,500 shares at $47 per share.
(e). Bought and cancelled 1,000 shares at $50 per share.
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