Sanchez and Santos Had the Following Transactions During the Past

question 23

Essay

Sanchez and Santos had the following transactions during the past year involving the purchase and sale of treasury stock.
July 14
Purchased 4,000 shares of its own $12 par common stock for $15 per sharE.17
Sold 2,000 shares of the treasury stock for $17 per sharE.29
Sold 2,000 shares of the treasury stock for $13 per sharE.Required:
Prepare the journal entries for the transactions.

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Definitions:

System I

A term often used in behavioral economics to describe the fast, instinctive, and emotional way of thinking, as opposed to slower, more deliberative thinking.

Availability

The ease with which a particular piece of information can be recalled from memory, often influenced by recent experience or emotional impact.

Representativeness Heuristics

A mental shortcut used to judge the probability of an event by its similarity to a prototype or stereotype.

System II

refers to the deliberative, analytical and slower thinking process in dual-process theories of cognition.