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Ahat [919]
3 years ago
15

Llewelyn Company purchased 1,000 shares of its own $10 par value common stock when the market price of the stock was $36 per sha

re. What journal entries would be used to record the purchase of treasury stock?
Business
1 answer:
VARVARA [1.3K]3 years ago
5 0

Answer: Increase the treasury stock account and decrease the cash account by $36,000.

Explanation:

The journal entries that would be used to record the purchase of treasury stock will be to increase the treasury stock account and decrease the cash account by $36,000.

Note that the $36000 was calculated as:

= 1,000 shares × $36 per share

= $36,000

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2 years ago
During the current month, a company that uses job order costing purchases $52,000 in raw materials for cash. It then uses $22,00
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Answer:

          Account Title                                                           Debit             Credit

           Raw materials inventory                                      $52,000

           Cash                                                                                            $52,000

         Account Title                                                           Debit             Credit

         Factory Supplies                                                 $22,000

         Raw materials                                                                             $22,000

        Account Title                                                           Debit             Credit

        Work in Process inventory                                  $20,100

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3 0
3 years ago
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