California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $22 per share. Later in the year, the company decides to Purchase 100 shares at a cost of $25 per share.

Explanation:

The journal entries are as follows:

1. Cash Dr $22,000         (1,000 shares × $22 per share)

         To Common stock $1,000   (1,000 shares × $1 per share)

          To Additional paid in capital in excess of par value - common stock $21,000

(Being the issuance of the common stock is recorded)

2. Treasury Stock Dr $2,500        (100 shares × $25)

              To Cash  $2,500

(Being the repurchase of the shares is recorded)

Note: The shares are repurchased not purchased so we done the journal entry according to that

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