Homework answers / question archive / Recording the purchase of Treasury Stock 1) Record the purchase of 100 shares at $90 per share (=$9,000) Debit Credit Recording the sale of Treasury Stock 2) Record the sale of 50 shares of Treasury Stock at $100 per share (=$5,000) Debit Credit Assets Liabilities Equity Revenue Expense Cash Accts Payable Common Stock ($10 Par) Sales Revenue Cost Of Goods Sold 12,000 10,000 50,000 10,00 100,000 10,000 Common Stock Paid-In Capital In Excess of Par 2,000 40,000 90,000 Accts Receivable Wages Payable Preferred Stock ($100 par) Wages Expense Preferred Stock Paid-In Capital Inventory Dividends Payable In Excess of Par Rent Expense Capital Asset L/T Note Payable Treasury Stock Deprec Expense Paid-In Capital from Acc Deprec Sale of Treasury Stock Retained Earnings Common Stk Dividends Preferred Dividends Income Summary 25,000

Recording the purchase of Treasury Stock 1) Record the purchase of 100 shares at $90 per share (=$9,000) Debit Credit Recording the sale of Treasury Stock 2) Record the sale of 50 shares of Treasury Stock at $100 per share (=$5,000) Debit Credit Assets Liabilities Equity Revenue Expense Cash Accts Payable Common Stock ($10 Par) Sales Revenue Cost Of Goods Sold 12,000 10,000 50,000 10,00 100,000 10,000 Common Stock Paid-In Capital In Excess of Par 2,000 40,000 90,000 Accts Receivable Wages Payable Preferred Stock ($100 par) Wages Expense Preferred Stock Paid-In Capital Inventory Dividends Payable In Excess of Par Rent Expense Capital Asset L/T Note Payable Treasury Stock Deprec Expense Paid-In Capital from Acc Deprec Sale of Treasury Stock Retained Earnings Common Stk Dividends Preferred Dividends Income Summary 25,000

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Recording the purchase of Treasury Stock 1) Record the purchase of 100 shares at $90 per share (=$9,000) Debit Credit Recording the sale of Treasury Stock 2) Record the sale of 50 shares of Treasury Stock at $100 per share (=$5,000) Debit Credit Assets Liabilities Equity Revenue Expense Cash Accts Payable Common Stock ($10 Par) Sales Revenue Cost Of Goods Sold 12,000 10,000 50,000 10,00 100,000 10,000 Common Stock Paid-In Capital In Excess of Par 2,000 40,000 90,000 Accts Receivable Wages Payable Preferred Stock ($100 par) Wages Expense Preferred Stock Paid-In Capital Inventory Dividends Payable In Excess of Par Rent Expense Capital Asset L/T Note Payable Treasury Stock Deprec Expense Paid-In Capital from Acc Deprec Sale of Treasury Stock Retained Earnings Common Stk Dividends Preferred Dividends Income Summary 25,000