Question

Question 5

Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 76,000 shares of its common stock at $10 per share. On August 3, Buzz Off sold 54,000 of the reacquired shares at $13 per share. On November 14, Buzz Off sold the remaining shares at $8 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash Aug. 3 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock Feedback

Answer 1

Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. $ 760,000.00 May.27 Treasury Stock (76000 x $10) Cash (To record Purchase of Treasury Stock) $ 760,000.00 Aug.3 $ 702,000.00 Cash (54000 x $13) Treasury Stock (54000 x $10) Paid In Capital from Sale of Treasury Stock (To record sale of Treasury Stock) $ $ 540,000.00 162,000.00 $ $ 176,000.00 44,000.00 Nov.14 Cash (76000-54000)x$8 Paid In Capital from Sale of Treasury Stock Treasury Stock (76000-54000)x$10 (To record sale of Treasury Stock) $ 220,000.00