Question

JOURNAL ENTIRES 1. ABC COMPANY PURCHASED $500,000 BONDS IN XYZ COMPANY 2. ABC COMPANY PURCHASED $500,000...

JOURNAL ENTIRES

1. ABC COMPANY PURCHASED $500,000 BONDS IN XYZ COMPANY
2. ABC COMPANY PURCHASED $500,000 STOCK IN XYZ COMPANY
3. ABC COMPANY PURCHASED 5,000 SHARES OF ITS OWN COMMON STOCK FOR ITS TREASURY. THE PAR VALUE IS $3/SH AND THE SELLING PRICE IS $100/S

Homework Answers

Answer #1
Transaction Account Titles and Explanation Debit Credit
1 Investment in Bonds $ 500,000
Cash, XYZ Company $ 500,000
[To record purchase of bonds from XYZ Company]
2 Stock $ 500,000
Cash, XYZ Company $ 500,000
[To record purchase of stock]
3 Treasury Stock [5,000 x 3] $ 15,000
Cash $ 15,000
[To record purchase of treasury stock]
Cash [5,000 x $100] $ 500,000
Treasuy stock [5000 x $3] $ 15,000
Paid-in capital in excess from treasury stock $ 485,000
[To reocrd sale of treasury stock]
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