Question Details

Journalize the purchase and sale of the treasury stock 


1
On September 5, Bertolli Corporation acquired 2,500 shares of its own $1 par common stock for
$23 per share. On October 15, 1,000 shares of the treasury stock is sold for $25 per share.
Instructions
Journalize the purchase and sale of the treasury stock assuming that the company uses the cost
method.

2
Warren Company had the following transactions.
1. Issued 6,000 shares of common stock with a stated value of $10 for $110,000.
2. Issued 3,000 shares of $100 par preferred stock at $107 for cash.
Instructions
Prepare the journal entries to record the above stock transactions.




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