Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2014, Sprinkle
Question:
Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2014, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle’s journal entries to record these transactions using the cost method.
Step by Step Answer:
The cost method is used to account for treasury stock which is stock that a company has repurchased ...View the full answer
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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