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Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 550 shares of the company's own common stock at $35 cash per share; the stock is now held in treasury. July 15 Issued 175 of the shares purchased on February 1 for $45 cash per share. September 1 Issued 135 more of the shares purchased on February 1 for $30 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets = Liabilities + Stockholders' Equity February 1 Cash + Treasury Stock 19,250 7,875 = July 15 Cash + Treasury Stock July 15 + Additional Paid-In Capital, Treasury Stock September 1 Cash 4,050 = + Treasury Stock September 1 + Additional Paid-In Capital, Treasury Stock 19,250 6,125 1,750 4,725 (675)

Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 550 shares of the company's own common stock at $35 cash per share; the stock is now held in treasury. July 15 Issued 175 of the shares purchased on February 1 for $45 cash per share. September 1 Issued 135 more of the shares purchased on February 1 for $30 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets = Liabilities + Stockholders' Equity February 1 Cash + Treasury Stock 19,250 7,875 = July 15 Cash + Treasury Stock July 15 + Additional Paid-In Capital, Treasury Stock September 1 Cash 4,050 = + Treasury Stock September 1 + Additional Paid-In Capital, Treasury Stock 19,250 6,125 1,750 4,725 (675)

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...
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Everything is right except for the spaces highlighted in yellow, my understanding is that i would multiply 35 by the 550 shares to get $19250

Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 550 shares of the company's own common stock at $35 cash per share; the stock is now held in treasury. July 15 Issued 175 of the shares purchased on February 1 for $45 cash per share. September 1 Issued 135 more of the shares purchased on February 1 for $30 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity February 1 Cash 19,250 = 7,875 = Treasury Stock + Treasury Stock July 15 Cash July 15 = + Additional Paid-In Capital, Treasury Stock September 1 Cash 4,050 = + Treasury Stock September 1 + Additional Paid-In Capital, Treasury Stock 19,250 6,125 1,750 4,725 (675)
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 550 shares of the company's own common stock at $35 cash per share; the stock is now held in treasury. July 15 Issued 175 of the shares purchased on February 1 for $45 cash per share. September 1 Issued 135 more of the shares purchased on February 1 for $30 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity February 1 Cash 19,250 = 7,875 = Treasury Stock + Treasury Stock July 15 Cash July 15 = + Additional Paid-In Capital, Treasury Stock September 1 Cash 4,050 = + Treasury Stock September 1 + Additional Paid-In Capital, Treasury Stock 19,250 6,125 1,750 4,725 (675)
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