Acct 301B: On 9/2, a company purchases 400 shares of its own stock at $14. It...

Acct 301B:

On 9/2, a company purchases 400 shares of its own stock at $14. It resells 200 shares at $15 on 9/3 and purchases an additional 300 shares on 9/4 at $14. On 9/5 the company resells 450 shares at $9.
Q.23/ What is the entries made on dates?

Q.24/ Assume instead that on 9/2 and 9/4 the company purchased its stock at $15. What is the entry? What would happen to Retained Earnings on 9/5?

Expert Solution

for formulas and calculations, refer to the image below -

ekkarill92 answered 2 years ago

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