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Question 7 of 10- Week 4- Hom ChatGPT om/was/ui/v2/assessment-player/index.html?launchld =31e7b678-232f-49f0-a706-aa863c41c422#/question/6 ...

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Accounting

Question $7$ of $10 -$ Week $4 -$ Hom

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Question $7$ of $10$

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On January $1, 2027,$ the stockholders' equity section of Pina Colada Corporation shows common stock $($ $ $5$ par value $)$ $ $1, 500, 000$ ; paid $-$ in capital in excess of par $ $1, 020, 000$ ; and retained earnings $ $1, 200, 000 .$ During the year, the following treasury stock transactions occurred.

Mar. $1$ Purchased $52, 000$ shares for cash at $ $15$ per share.

July $1$ Sold $11, 500$ treasury shares for cash at $ $17$ per share.

Sept. $1$ Sold $9, 500$ treasury shares for cash at $ $14$ per share.

$($ a $)$

Journalize the treasury stock transactions. $($ List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. $)$

$\$ table $[[$ Date $], [$ Mar $.$ : $]]$

uly $1$

uly $1$

Account Titles and Explanation

Treasury Stock

Cash

Paid $-$ in Capital from Treasury Stock

Common Stock

Retained Earnings

Sept. $1$

Sept. $1$

Paid $-$ in Capital from Treasury Stock

Paid $-$ in Capital from Treasury Stock

Debit

Answer & Explanation Solved by verified expert

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