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Chad Inc originally issued 30,000 share of $5 par common stock for $180,000 on Jan 3,...

Chad Inc originally issued 30,000 share of $5 par common stock for $180,000 on Jan 3, 2008. Chad Inc purchased 1,500 shares of treasury stock for $15,000 on Nov. 2, 2008. On Dec. 6, 2008, 600 shares of the treasury stock are sold for $9,000.

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Answer #1
Date Account Titles and Explanation Debit Credit
Jan-03 Cash $   1,80,000
Common stock $   1,50,000
Additional Paid - in - Capital - Common Stock $       30,000
Nov-02 Treasury Stock $       15,000
Cash $       15,000
Dec-06 Cash $         9,000
Treasury Stock [($15000 / 1500 shares) X 600 shares] $         6,000
Additional Paid - in - Capital - Treasury Stock $         3,000
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