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Instructions Chart of Accounts General Journal Instructions Garrett Inc. had no treasury stock at the beginning of the year. During February, Garrett purchased 14,100 shares of treasury stock at $22 per share. In May, Garrett sold 4,400 of the treasury shares for $23 per share. In November, Garrett sold the remaining treasury shares for $17 per share. Required: Prepare journal entries for the February, May, and November treasury stock transactions. Chart of Accounts ASSETS Garrett Inc. General Ledger 111 Cash 112 Petty Cash 121 Accounts Receivable 123 Allowance for Doubtful Accounts 124 Notes Receivable 125 Supplies 126 Prepaid Insurance 127 Prepaid Rent REVENUE 411 Sales Revenue 412 Service Revenue 413 Interest Income 414 Rent Revenue EXPENSES 511 Cost of Goods Sold 512 Advertising Expense Chart of Accounts 128 Inventory 129 Interest Receivable 130 Investment 131 Land 132 Buildings 133 Equipment 134 Furniture 135 Trucks 139 Accumulated Depreciation 141 Leased Assets LIABILITIES 513 Supplies Expense 514 Utilities Expense 515 Insurance Expense 516 Service Charge Expense 517 Bad Debt Expense 518 Rent Expense 521 Wages Expense 531 Interest Expense 541 Depreciation Expense 551 Income Taxes Expense 552 Legal Expense Chart of Accounts LIABILITIES 211 Accounts Payable 212 Utilities Payable 213 Insurance Payable 214 Wages Payable 215 Rent Payable 221 Interest Payable 223 Income Taxes Payable 231 Dividends Payable 232 Unearned Sales Revenue 233 Unearned Rent Revenue 241 Bonds Payable Chart of Accounts 251 Notes Payable EQUITY 311 Common Stock 312 Additional Paid-In Capital-Common Stock 313 Preferred Stock 314 Additional Paid-In Capital-Preferred Stock 315 Treasury Stock 316 Additional Paid-In Capital-Treasury Stock 321 Retained Earnings 331 Dividends General Journal Prepare journal entries for the February 01, May 01, and November 01 treasury stock transactions. General Journal Instructions Refer to the Chart of Accounts for the exact wording of the account titles. L JOURNAL CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. POST. REF. General Journal DATE 1 2 3 4 5 6 7 8 9 ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY General Journal ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME