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On January1, 2017, Vidalia company issued 30,0000 shares of $2 per value common stock for $150,000....

On January1, 2017, Vidalia company issued 30,0000 shares of $2 per value common stock for $150,000. on March1, 2017 the company purchased 6,000 shares of its common stock for 8 per share for the treasury. on June1,2017, 1,500 of the treasury shares are sold for $10 per share.On September 1,2017 3,000 treasury shares are sold at $6 per share.

Journalized the stock transaction of vidalia company in 2017

Date Accounts Titles and explanation Debit Credit

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Answer #1

Journal entry

Date account and explanation debit Credit
Jan 1 Cash 150000
Common Stock 60000
Paid in Capital in excess of par value-Common Stock 90000
Mar 1 Treasury stock (6000*8) 48000
Cash 48000
(To record purchase treasury stock)
June 1 Cash (1500*10) 15000
Treasury stock (1500*8) 12000
Paid in capital from sale of treasury stock 3000
(To record sale of treasury stock)
Sep 1 cash (3000*6) 18000
Paid in capital from sale of treasury stock 3000
Retained earnings 3000
Treasury stock (3000*8) 24000
(To record sale of treasury stock)
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