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gulaghasi [49]
3 years ago
5

California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $35 per share. Later in the year, the compa

ny decides to purchase 100 shares at a cost of $38 per share. Record the purchase of treasury stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
astraxan [27]3 years ago
3 0

Answer:

The journal entry to record the purchase of treasury stock would be:

                           Debit ($) Credit ($)

Treasury Stock       3,800  

         Cash                   3,800

Explanation:

In order to prepare The journal entry to record the purchase of treasury stock we would have to calculate the treasury stock as follows:

Treasury Stock=shares purchased*cost per share

Treasury Stock=100 Shares x $38.00 per share

Treasury Stock=$3,800

Therefore, The journal entry to record the purchase of treasury stock would be:

                           Debit ($) Credit ($)

Treasury Stock       3,800  

         Cash                   3,800

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