Treasury stock transactions


On July 1, Browning Corporation purchases 550,000 shares of its $6 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 275,000 shares of the treasury stock for cash at $13 per share. The balance in the retained earnings account is $6,345,000.

Instructions:

Journalize the two treasury stock transactions.

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Accounting Basics: Treasury stock transactions
Reference No:- TGS0521076

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