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Unformatted text preview: of $100,000, or $10 per share. The shares were not cancelled, but were held as treasury shares. October 29 Sold 3,000 of the treasury shares for $30,900. November 19 Sold 1,000 of the treasury shares for $9,000. December 27 Sold the remainder of the treasury shares for $50,000. Required: (a) Prepare journal entries to record the transactions indicated. (b) Prepare the shareholders' equity section of the October 31, 2004 balance sheet, assuming the company earned income of $2,500 during October....
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This note was uploaded on 03/28/2012 for the course ACCTG ACC423 taught by Professor Smith during the Spring '10 term at University of Phoenix.
- Spring '10