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  • Treasury Stock Transactions

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    Harvy Reyes
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    The company GulongGuloNaKo purchased 24,000 shares of its own stock for P168,000 on January 4th. It then sold portions of these treasury shares on January 10th (4,000 shares for P9 per share), January 29th (14,000 shares for P6 per share), and January 31st (the remaining 6,000 shares for P7 per share). Journal entries are required to record these treasury stock transactions during January 2022.

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    The company GulongGuloNaKo purchased 24,000 shares of its own stock for P168,000 on January 4th. It then sold portions of these treasury shares on January 10th (4,000 shares for P9 per share), January 29th (14,000 shares for P6 per share), and January 31st (the remaining 6,000 shares for P7 per share). Journal entries are required to record these treasury stock transactions during January 2022.

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    © All Rights Reserved
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    2 views1 page

    Treasury Stock Transactions

    Uploaded by

    Harvy Reyes
    The company GulongGuloNaKo purchased 24,000 shares of its own stock for P168,000 on January 4th. It then sold portions of these treasury shares on January 10th (4,000 shares for P9 per share), January 29th (14,000 shares for P6 per share), and January 31st (the remaining 6,000 shares for P7 per share). Journal entries are required to record these treasury stock transactions during January 2022.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Problem #2 - Treasury Stock Transactions

    The December 31, 2022 shareholders’ equity section of GulongGuloNaKo Corporation’s


    statement of financial position is as follows:

    Required:
    Prepare the journal entries to record the following transactions that took place during
    January 2022:

    Jan 4 Purchased 24,000 shares of its own GulongGuloNaKo’s stock for P168,000.

    Jan 10 Sold 4,000 shares of the treasury stock for P9 per share.

    Jan 29 Sold 14,000 shares of the treasury stock for P6 per share.

    Jan 31 Sold the remaining 6,000 shares of treasury stock for P7 per share

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