Question Details

Prepare journal entries to record these stock 



1
On January 1, 2008, Edmond Company issued 30,000 shares of $2 par value common stock for
$150,000. On March 1, 2008, the company purchased 4,000 shares of its common stock for $8
per share for the treasury. On June 1, 2008, 1,000 of the treasury shares are sold for $10 per
share. On September 1, 2008, 2,000 treasury shares are sold at $6 per share.
Instructions
Journalize the stock transactions of Edmond Company in 2008.

2
Wixen Company originally issued 30,000 shares of $5 par common stock for $180,000 on
January 3, 2008. Wixen purchased 1,500 shares of treasury stock for $12,000 on November 2,
2008. On December 6, 2008, 600 shares of the treasury stock are sold for $6,000.
Instructions
Prepare journal entries to record these stock transactions.




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