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eBook Show Me How Calculator Entries for Treasury Stock On May 27, Let Loose Inc. reacquired...

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Entries for Treasury Stock

On May 27, Let Loose Inc. reacquired 79,000 shares of its common stock at $10 per share. On August 3, Let Loose sold 54,000 of the reacquired shares at $13 per share. On November 14, Let Loose 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 27Treasury Stock

Cash

Aug. 3Cash

Treasury Stock

Paid-In Capital from Sale of Treasury Stock

Nov. 14Cash

Paid-In Capital from Sale of Treasury Stock

Treasury Stock

Expert Solution

Solution

Date	General Journal	Debit	Credit
May-27	Treasury stock	$ 790,000.00
	Cash		$ 790,000.00
	(To record purchase of treasury stock)

Aug-03	Cash	$ 702,000.00
	Treasury stock		$ 540,000.00
	Paid-In Capital from Sale of Treasury Stock		$ 162,000.00
	(To record sale of treasury stock)

Nov-14	Cash	$ 200,000.00
	Paid-In Capital from Sale of Treasury Stock	$ 50,000.00
	Treasury stock		$ 250,000.00
	(To record sale of treasury stock)

Any gain on sale of treasury stock is credited to Paid-In Capital from Sale of Treasury Stock and loss on sale is adjusted to Paid-In Capital from Sale of Treasury Stock if there is any balance in Paid-In Capital from Sale of Treasury Stock account.

ekkarill92 answered 2 years ago

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