On July 1, Sheffield Corporation purchases 620 shares of its $5 par value common stock for the
Question:
On July 1, Sheffield Corporation purchases 620 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 370 shares of the treasury stock for cash at $13 per share.
Journalize the two 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 | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date July 1Sept. 1 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date July 1Sept. 1 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount |
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso