On april 2 a corporation purchased for cash 6,000 shares of its own $13 par common stock at $26 per share. it sold 4,000 of the treasury shares at $29 per share on june 10. the remaining 2000 shares were sold on november 10 for $22 per share.
a. journalize the entries to record the purchase (treasury stock is recorded at cost). apr. 2
b. journalize the entries to record the sale of the stock. if an amount box does not require an entry, leave it

Explanation:

The journal entries are shown below:

a. Treasury stock A/c Dr $156,000         (6,000 shares × $26)

          To Cash A/c  $156,000        

(Being the purchase of treasury stock is recorded)

b. Cash A/c Dr $116,000              (4,000 shares × $29)

            To Treasury Stock A/c $10,4000    (4,000 shares × $26)

            To Paid in capital - Treasury stock $12,000

(Being treasury stock is sold at higher price and the remaining amount would be credited to the paid in capital account)

c. Cash A/c Dr $44,000             (2,000 shares × $22)

Paid in capital - Treasury stock $8,000

                 To Treasury Stock A/c $52,000       (2,000 shares × $26)

(Being treasury stock is sold at lower price)

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough

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