On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 250 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $10 per share.
On September 1, it sells 250 shares of the treasury stock for cash at $12 per share.
Journalize the two treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the
problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
>
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 250 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date > Account Titles and Explanation Debit Credit
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