question archive On May 27, Buzz Off Inc
On May 27, Buzz Off Inc
Subject:AccountingPrice:2.87 Bought7
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.
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Answer:
| 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 |
