Sarasota Corporation purchased 3,500 shares of its $10 par value common stock for $234,500 on August...

 

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Sarasota Corporation purchased 3,500 shares of its $10 par value common stock for $234,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 2,100 shares of treasury stock for cash at $73 per share. Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Aug. 1 Dec. 1 V < Account Titles and Explanation Treasury Stock Cash Cash Treasury Stock Paid-in Capital from Treasury Stock Debit 234500 153300 Credit 234500 25,200 1,28,100 Sarasota Corporation purchased 3,500 shares of its $10 par value common stock for $234,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 2,100 shares of treasury stock for cash at $73 per share. Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Aug. 1 Dec. 1 V < Account Titles and Explanation Treasury Stock Cash Cash Treasury Stock Paid-in Capital from Treasury Stock Debit 234500 153300 Credit 234500 25,200 1,28,100

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Prepare the following journal entries to record the treasury sto... View the full answer