Journalizing Treasury Stock Transactions
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Journalize these transactions
The balance sheet of Jade, Inc., at December 31, 20x8, reported 500,000 shares of $1 par common stock authorized with 100,000 shares issued. Paid-in Capital in Excess of Par-Common had a balance of $300,000. Retained Earnings had a balance of $57,000. During 20x9, the company completed the following selected transactions:
Feb 15 --- Purchased 5,000 shares of the company's own common stock for the treasury at $4 per share
Mar 8 --- Sold 2,000 shares of treasury common stock for $7 per share
Please show calculations.
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Solution Summary
This solution illustrates how to journalize set of treasury stock transactions.
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