Question

19. The following selected transactions occurred for Corner Corporation:

Feb. 1	Purchased 480 shares of the company’s own common stock at $28 cash per share; the stock is now held in treasury.
July 15	Issued 140 of the shares purchased on February 1 for $38 cash per share.
	Sept 1st Issued 100 more of the shares purchased on February 1 for $23 cash per share. Required: 1. Indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets = Liabilities + Stockholders’ Equity Feb. 1 July 15 Sept. 1 Record the purchase of 480 shares of previously issued common stock for a price of $28 per share. Record the re-issuance of 140 shares of treasury stock previously purchased for a price of $28 per share and sold for a price of $38 per share. Record the re-issuance of 100 shares of treasury stock previously purchased for a price of $28 per share and sold for a price of $23 per share. Dividends are not paid on Therefore, the total amount of paid is when treasury stock is purchased. The reissuance of treasury stock for more or less than its original repurchase cost affect net income. The transaction affects only accounts.

Answer 1

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Date	Account	Debit	Credit
Feb 1	Treasury Stock	$ 13,440		480*28
	Cash		$ 13,440
Jul 15	Cash	$    5,320		140*38
	Treasury Stock		$    3,920	140*28
	Additional Paid in capital, Treasury Stock		$    1,400	Balance
Sep 1	Cash	$    2,300		100*23
	Additional Paid in capital, Treasury Stock	$        500
	Treasury Stock		$    2,800	100*28
Date	Asset		Liabilities		Equity
Feb 1	Cash	$ -13,440			Treasury Stock	$ -13,440
Jul 15	Cash	$    5,320			Treasury Stock	$    3,920
					Additional Paid in capital, Treasury stock	$    1,400
Sep 1	Cash	$    2,300			Treasury Stock	$    2,800
					Additional Paid in capital, Treasury stock	$      -500
	Fill in the blanks:
a	Treasury Stock
	Dividend
	Lower/Less
b	Does Note
	Balance Sheet Accounts