Psutka Corporations general ledger shows the following account balances (the average cost of Psutkas shares is $30
Question:
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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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Step by Step Answer:
a Common Shares 30 X 430 12900 Contributed Surplus 3440 Cash 38 X 430 16340 ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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