On January 1,2015,the Accounts of CXC Reflected the Following

question 144

Essay

On January 1,2015,the accounts of CXC reflected the following:
The single-transaction method is used.On February 1,2015,CXC purchased 5,000 of its own shares at $2.10 per share.Later,on December 1,2015,CXC sold 2,000 of these treasury shares at $1.50 per share.Give the journal entry on December 1,2015,to record this sale of treasury stock.

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Definitions:

Attributions

Attributions refer to the process by which individuals explain the causes of behavior and events, often as internal (personal traits) or external (situational factors).

Subculture

A cultural group within a larger culture, often having beliefs or interests at variance with those of the larger culture.

Social Norms

The accepted behaviors, rules, or standards of conduct expected in a given society or group.

Norm

Accepted standards or expectations of behavior within a society or group.