Acc205 Principles of Accounting: P13-37 In October, Draper has the following transactions
Acc205 Principles of Accounting
P13-37 Accounting for the purchase and sale of treasury stock [10-15min] This problem continues the Draper Consulting, Inc., situation from Problem 12-45 of Chapter 12. In October, Draper has the following transactions related to its common shares: Oct 1 Draper repurchased 200 of its common shares for $50 per share. Oct 10 Draper reissued 90 of its treasury common shares for $65 per share. Oct 20 Draper reissued 100 of its treasury common shares for $60 per share.
Requirements: 1. Journalize the entry related to the transactions. 2. Calculate the balance in the T-accounts affected by the transactions.