On July 1, Novak Corporation purchases 570 shares of its $5 par value common stock for the treasury at a cash price of $8 per
On July 1, Novak Corporation purchases 570 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 320 shares of the treasury stock for cash at $11 per share.
Journalize the two treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
July 1Sept. 1 | |||
July 1Sept. 1 | |||
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Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
