Preparation of Journal Entries to Record the given Transactions

Question

Kelly Company issued 10,000 shares of $20 par value common stock at $24 per share.

Prepare journal entries to record the following transactions:

1. Kelly reacquired 1,000 shares of its own stock at a cost of $30 per share.
2. Kelly reissues 500 shares of the treasury stock in (A) for $36 per share.

Summary

This question belongs to accounting and discusses about preparation of journal entries to record the given transactions.

Total word count: 16