On January 3, Morgan Corporation purchased 2,100 shares of...
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Question
Accounting
On
January
3,
Morgan
Corporation purchased
2,100
shares of the company's
$4
par value common stock as treasury stock, paying cash of
$14
per share. On
January
30,
Morgan
sold
1,350
shares of the treasury stock for cash of
$18
per share. Journalize these transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Question content area bottom
Part 1
Journalize the purchase of the treasury stock.
| Date | Accounts and Explanation | Debit | Credit |
| Jan. 3 | |||
Part 2
Journalize the sale of treasury stock shares.
| Date | Accounts and Explanation | Debit | Credit |
| Jan. 30 | |||
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