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13. ABC COMPANY PURCHASED 1,000 SHARES OF ITS COMMON STOCK FOR ITS TREASURY. PAR VALUE IS...

13. ABC COMPANY PURCHASED 1,000 SHARES OF ITS COMMON STOCK FOR ITS TREASURY. PAR VALUE IS $3/SH AND THE SELLING PRICE OF THE STOCK IS $105/SH.

14. PREPARE THE JOURNAL ENTRY TO RECORD ABC CORPORATION CLOSING OUT ITS NET INCOME OF $300,000

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Answer #1
Solution:
Journal Entries
Transaction Account Title and explanation Debit Credit
1 Treasurry stock (1000 shares X $ 105) $1,05,000
           Cash $1,05,000
(To Record the purchase of treasurry Stock)
2 Revenue $3,00,000
        Income Summary $3,00,000
(To record the closing of revenue account)
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