Question

Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use...

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
a Treasury stock 15580 =380*41
      Cash 15580
b Treasury stock 14260 =310*46
      Cash 14260
c Cash 15910 =370*43
       Treasury stock 15170 =370*41
       Paid in capital from Treasury stock 740
d Cash 3900 =100*39
Paid in capital from Treasury stock 650
       Treasury stock 4550 =(10*41)+(90*46)
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