ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 319

Account Titles and Explanation

Debit Credit

2) nArantxa Corporation has outstanding 20,110 shares of $5
par value common stock. On August 1, 2014, Arantxa
reacquired 370 shares at $86 per share. On November 1,
Arantxa reissued the 370 shares at $78 per share. Arantxa had
no previous treasury stock transactions.

Prepare Arantxa’s journal entries to record these transactions
using the cost method. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)

Date Account Titles and Explanation

Debit Credit