Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tamarisk, inc. purchased from its stockholders 4,9

Tamarisk, Inc. purchased from its stockholders 4,900 shares of its own previously issued stock for...

50.1K

Verified Solution

Question

Accounting

image

Tamarisk, Inc. purchased from its stockholders 4,900 shares of its own previously issued stock for $249,900. It later resold 1,900 shares for $54 per share, then 1,900 more shares for $49 per share, and finally 1,100 shares for $43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Treasury Stock 249.900 Cash 249,900 (To record purchase from stockholders.) Cash 1,02,600 Treasury Stock 96,900 Additional paid in capital 5,700 (To record sales of shares at $54 per share.) Cash 93,100 additional paid capital 3,800 Treasury Stock 96,900 (To record sales of shares at $49 per share.) cash 47,300 Paid-in Capital in Excess of Par-Common Stock 8.,800 Treasury Stock 56,100 (To record sale of shares at $43 per share.) e Textbook and Media

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

Percent Markdown A shirt was originally priced at $30. The store is having a 35%...

Basic Math
1.2K views

Sally’s Toyota Corolla is an old car but it served her well. She is planning to...

Biology
1.2K views

Which of the following describes difference between saturated and unsaturated fatty acids?presence or absence of...

Biology
1.2K views

Question 48 Points 1 Which is the most popular night club in Harlem during the...

Physics
1.2K views

Which of the following happens when the small block of the mass m slides down...

Geometry
1.2K views

Victoria is 30 years old She has 700 in a checking account 9000 in a...

Basic Math
1.2K views

The citizens of a fictional city called Smallville enjoy exceptionally good weather compared to other...

Statistics
1.2K views

Thirty two people were chosen at random from employees of a large company Their commute...

Algebra
1.2K views

11 Find the inverse of the function f x x 4 O 2 4 O...

Finance
1.2K views

Carter's Gym Supply currently has an operating cycle of 73.07 days. The company has a...

Finance
1.2K views

a. A manager buys three shares of stock today and then sells one of those...

Finance
1.2K views

Ariel purchased a 182-day T-bill with interest rate of 3.50% p.a. and a face value...