Question

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. 14

Answer 1

Journal entries for treasury stock

Buzz Off Inc

1)When acquired the treasury stock

Date	account title	debit	credit
May 27	Treasury stock	$196,100
	Cash		$196,100

2)When sold the treasary stock aug 3 and net 14

Date Aug3,Nev14	account title	debit	Credit
	Cash	$198,400
	Treasury Stock		196,100
	Excess Paid in Capital		$2300

Explanation

Stock reacquired cost =$53*37000 = $196,100

Treasury stock sold = ($56*1500)+($52*2200)= $198,400

Excess paid in capital =$198,400-$196100=$2300