On July 1, Sage Hill Inc. purchases 420 shares of its $5 par value common stock...

 

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On July 1, Sage Hill Inc. purchases 420 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit On July 1, Sage Hill Inc. purchases 420 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

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