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During 2013, the following selected transactions affecting stockholders' equity occurred for Corner Corporation:

Feb. 1	Purchased 400 shares of the company's own common stock at $20 cash per share.
Jul. 15	Issued 100 of the shares purchased on February 1 for $30 cash per share.
Sept. 1	Issued 60 more of the shares purchased on February 1 for $15 cash per share.

1) Indicating the account, amount, and direction of the effect (+ for increase and ? for decrease) for the above transactions.

2) Prepare the indicated journal entries for each of the transactions (a) record the purchase of 400 shares of previously issued common stock for a price of $20 per share (b) record the re-insurance of 100 shares of treasury stock previously purchased for a price of $20 per share and sold for a price of $30 per share (c) record the re-insurance of 60 shares of treasury stock previously purchased for a price of $20 per share and sold for a price of $15 per share

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9957638

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