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On May 27, Kick Off Inc. reacquired 80,000 shares of its common stock at $10 per...

On May 27, Kick Off Inc. reacquired 80,000 shares of its common stock at $10 per share. On August 3, Kick Off sold 50,000 of the reacquired shares at $13 per share. On November 14, Kick 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.

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Answer #1

Journal entry

Date General Journal Debit Credit
May 27 Treasury Stock 800000
Cash 800000
Aug 3 Cash (50000*13) 650000
Treasury Stock 500000
Paid in capital from sale of treasury Stock 150000
Nov 14 Cash (30000*8) 240000
Paid in capital from sale of treasury Stock 60000
Treasury Stock

300000
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