California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $33 per share. Later in the year, the company decides to repurchase 100 shares at a cost of $36 per share. Record the purchase of treasury stock.

Debit Treasury stock for $3,600

Credit Cash also for $3,600

Explanation:

A share repurchase which is also known as a share buyback refers to an act of buying back by a company of its own shares from the market.

A share repurchase is another flexible way thrrough which a company returns money back to shareholders.

The repurchase of California Surf Clothing Company can be recorded as follows:

Account Name                   Dr ($)              Cr ($)            

Treasury stock (w.1)          3,600

Cash                                                         3,600

(To record 100 shares repurchase at $36 per share.)  

Working

w.1: Treasury stock = Number of shares repurchase * Cost per share = 100 * $36 = $3,600

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