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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
Business   Accounting   
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Answer #1
May 27 Treasury stock 126500 =5500*23
          Cash 126500
Aug 3 Cash 83200 =3200*26
       Treasury stock 73600 =3200*23
       Paid in capital from Treasury stock 9600
Nov 14 Cash 50600 =(5500-3200)*22
Paid in capital from Treasury stock 2300
       Treasury stock 52900 =(5500-3200)*23
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