Question

Before Pharoah Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among...

Before Pharoah Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par—Common Stock Common Stock Retained Earnings $93,900 $292,500 $85,600 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (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 0 for the amounts.) (a) Bought 380 shares of treasury stock at $41 per share. (b) Bought 310 shares of treasury stock at $46 per share. (c) Sold 370 shares of treasury stock at $43 per share. (d) Sold 100 shares of treasury stock at $39 per share.

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Answer #1

Journal entries

No Account and explanation debit credit
a Treasury Stock (380*41) 15580
Cash 15580
(To record treasury Stock purchased)
b Treasury Stock (310*46) 14260
Cash 14260
(To record treasury stock purchased)
c Cash (370*43) 15910
Treasury stock (370*41) 15170
Paid in capital from sale of treasury Stock 740
(To record sale of treasury Stock)
d Cash (100*39) 3900
Paid in capital from sale of treasury Stock 650
Treasury stock (10*41+90*46) 4550
(To record sale of treasury stock)
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