Ayayai Corp. purchased 2,600 shares of its $8 par value common stock for $79,040 on August 1. It will hold these in the treasury until resold. Prepare a tabular summary to record the treasury stock transaction. Include margin explanations for the changes in revenues and expenses. Include margin explanations for the changes in revenues and expenses.

Answer and Explanation:

The journal entry is shown below:

Treasury stock Dr $79,040

    To cash $79,040

(Being the recording of the treasury stock is recorded)

Here we debited the treasury stock as it increased the treasury stock because it contains the debit balance and on the other hand the cash is credited as it decreased the assets

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