Bargain Central Furniture, Inc. completed the following treasury stock transactions in 2016: LOADING...(Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Bargain Central Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2016? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1 comma 500 shares of the company's $1 par value common stock as treasury stock, paying cash of $ 5 per share. Date Accounts and Explanation Debit Credit Dec. 1

Dr Treasury stock - common 7,500

Cr Cash 7,500

Explanation:

Journal entry for Bargain Central Furniture

Since the company on Dec. 1 was said to have make Purchased of the amount of 1 ,500 shares of the company's $1 par value common stock as treasury stock in which they pay cash of $ 5 per share this means we have to record the transaction by Debiting Treasury stock- common with 7,500 and Crediting Cash with the same amount. The 7,500 is calculated as:

1,500 shares×$5 per share

December 1

Dr Treasury stock - common 7,500

Cr Cash 7,500

you have to put the parentheses like this:

in fact, you have to perform the operation inside parentheses first, and then proceed in order:

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