Question - Rube Corporation had the following stockholders' equity accounts on January 1, 2011: Common Stock ($5 par) $400,000, Paid-in Capital in Excess of Par Value $200,000, and Retained Earnings $300,000. In 2011, the company had the following treasury stock transactions:
Mar. 1 Purchased 5,000 shares at $7 per share.
June 1 Sold 1,000 shares at $11 per share.
Sept. 1 Sold 2,000 shares at $9 per share.
Dec. 1Sold 1,000 shares at $5 per share.
Instructions - Journalize the treasury stock transactions.