Question

Swifty Corporation purchased 1,100 shares of its $10 par value common stock for $72,600 on August...

Swifty Corporation purchased 1,100 shares of its $10 par value common stock for $72,600 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 660 shares of treasury stock for cash at $75 per share.

Journalize the treasury stock transactions.

Date Account titles and Explanation Debit Credit

_____ _________________________ __________ _________

__________________________ ___________ __________

Date

______ _______________________ _________ ____________

  _______________________ _________ ____________

_______________________ _________ ____________

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Homework Answers

Answer #2

Journal Entries:

Date

Account Title & Explanation

Debit

Credit

August 01

Treasury stock     (1100 x $10)

$11000

Paid in Capital – Treasury Stock

$61600

   Cash Account

$72600

(To record purchase of shares)

December 31

Cash Account    (660 x $75)

$49500

   Treasury Stock (660 x $10)

$6600

    Paid in Capital – Treasury stock

$42900

(To record resale of Treasury stock)
answered by: anonymous
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