Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water reacquired 23,500 shares of its common stock at $75 per share. On September 6, Biscayne Bay Water sold 14,000 of the reacquired shares at $81 per share. The remaining 9,500 shares were sold at $72 per share on November 30.
a. Journalize the transactions of May 14, September 6, and November 30. For a compound transaction, if an amount box does not require an entry, leave it blank.
May 14 | Treasury Stock | ||
Cash | |||
Sept. 6 | Cash | ||
Treasury Stock | |||
Paid-in Capital from Sale of Treasury Stock | |||
Nov. 30 | Cash | ||
Paid-in Capital from Sale of Treasury Stock | |||
Treasury Stock |
Answer:
Biscayne Bay Water Inc. | |||
Journal entries | |||
Date | Accounting titles & Explanations | Debit($) | Credit($) |
14-May | Treasury stock | 17,62,500 | |
Cash (23500*$75) | 17,62,500 | ||
(To record treasury stock purchased) | |||
06-Sep | Cash (14000*$81) | 11,34,000 | |
Treasury stock (14000*$75) | 10,50,000 | ||
Paid in capital from sale of Treasury stock(Bal fig.) | 84,000 | ||
(To record sold of the reacquired shares) | |||
30-Nov | Cash (9500*$72) | 6,84,000 | |
Paid in capital from sale of Treasury stock(Bal fig.) | 28,500 | ||
Treasury stock (9500*$75) | 7,12,500 | ||
(To record treasury stock sold) |
Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,...
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Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water reacquired 23,500 shares of its common stock at $75 per share. On September 6, Biscayne Bay Water sold 14,000 of the reacquired shares at $81 per share. The remaining 9,500 shares were sold at $72 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. For a compound transaction, if an...
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Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,700 shares of its common stock at $59 per share. On September 6, Biscayne Bay Water Inc. sold 2,200 of the reacquired shares at $62 per share. The remaining 500 shares were sold at $55 per share on November 30. a. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?
Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,700 shares of its common stock at $59 per share. On September 6, Biscayne Bay Water Inc. sold 2,200 of the reacquired shares at $62 per share. The remaining 500 shares were sold at $55 per share on November 30. a. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?
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