Question

On May 27, Buzz Off Inc. reacquired 6,800 shares of its common stock at $24 per...

On May 27, Buzz Off Inc. reacquired 6,800 shares of its common stock at $24 per share. On August 3, Buzz Off sold 4,100 of the reacquired shares at $27 per share. November 14, Buzz Off sold the remaining shares at $23 per share.

Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank.

May 27
Aug. 3
Nov. 14
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #2

Journal entries

Date account and explanation debit credit
May 27 Treasury stock (6800*24) 163200
cash 163200
(To record treasury stock purchased)
Aug 3 Cash (4100*27) 110700
Treasury stock (4100*24) 98400
Paid in capital from sale of treasury stock 12300
(To record sale of treasury stock)
Nov 14 Cash (2700*23) 62100
Paid in capital from sale of treasury stock 2700
Treasury Stock 64800
(To record sale of treasury stock)
answered by: anonymous
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On May 27, Buzz Off Inc. reacquired 5,500 shares of its common stock at $23 per...
On May 27, Buzz Off Inc. reacquired 5,500 shares of its common stock at $23 per share. On August 3, Buzz Off sold 3,200 of the reacquired shares at $26 per share. November 14, Buzz Off sold the remaining shares at $22 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Aug. 3 Nov. 14
Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 3,700 shares of its common...
Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 3,700 shares of its common stock at $53 per share. On August 3, Buzz Off sold 1,500 of the reacquired shares at $56 per share. November 14, Buzz Off sold the remaining shares at $52 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Aug. 3 Nov....
On May 27, Let Loose Inc. reacquired 6,400 shares of its common stock at $45 per...
On May 27, Let Loose Inc. reacquired 6,400 shares of its common stock at $45 per share. On August 3, Let Loose sold 3,200 of the reacquired shares at $48 per share. November 14, Let Loose sold the remaining shares at $44 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Aug. 3 Nov. 14
Entries for Treasury Stock On May 27, Mama Mia Inc. reacquired 3,500 shares of its common...
Entries for Treasury Stock On May 27, Mama Mia Inc. reacquired 3,500 shares of its common stock at $19 per share. On August 3, Mama Mia sold 1,400 of the reacquired shares at $22 per share. November 14, Mama Mia sold the remaining shares at $18 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash...
Entries for Treasury Stock On May 27, Mama Mia Inc. reacquired 7,700 shares of its common...
Entries for Treasury Stock On May 27, Mama Mia Inc. reacquired 7,700 shares of its common stock at $39 per share. On August 3, Mama Mia sold 3,500 of the reacquired shares at $42 per share. November 14, Mama Mia sold the remaining shares at $38 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash...
Financial statement data for the years ended December 31 for Dovetail Corporation follow: 20Y3 20Y2 Net...
Financial statement data for the years ended December 31 for Dovetail Corporation follow: 20Y3 20Y2 Net income $354,000 $266,500 Preferred dividends $54,000 $54,000 Average number of common shares outstanding 60,000 shares 50,000 shares a. Determine the earnings per share for 20Y3 and 20Y2. Round your answers to two decimal places. 20Y3 $ per share 20Y2 $ per share b. Does the change in the earnings per share from 20Y2 to 20Y3 indicate a favorable or an unfavorable trend? On May...
On March 4 of the current year, Barefoot Bay, Inc. reacquired 5,000 shares of its common...
On March 4 of the current year, Barefoot Bay, Inc. reacquired 5,000 shares of its common stock at $89 per share. On August 7, Barefoot Bay sold 3,500 of the reacquired shares at $100 per share. The remaining 1,500 shares were sold at $88 per share on November 29. 1. Journalize the transactions of March 4, August 7, and November 29. If an amount box does not require an entry, leave it blank or enter "0". Mar. 4 Aug. 7...
Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of...
Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,500 shares of its common stock at $71 per share. On September 6, Biscayne Bay Water Inc. sold 1,900 of the reacquired shares at $75 per share. The remaining 600 shares were sold at $67 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. For a compound transaction,...
Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January...
Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 50,000 shares of its common stock at $51 per share. On June 14, 24,000 of the reacquired shares were sold at $60 per share, and on November 23, 18,000 of the reacquired shares were sold at $56. a. Journalize the transactions of January 31, June 14, and November 23. For a compound transaction, if an...
On April 2 a corporation purchased for cash 7,000 shares of its own $12 par common...
On April 2 a corporation purchased for cash 7,000 shares of its own $12 par common stock at $27 per share. It sold 4,000 of the treasury shares at $30 per share on June 10. The remaining 3000 shares were sold on November 10 for $23 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT