EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends CHART OF ACCOUNTS Biscayne Bay Water Inc. General Ledger ASSETS 110 Cash 120 Accounts Recelvable 131 Notes Receivable 132 Interest Receivable 141 inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Dopreciation-Equipment LIABILITIES 210 Accounts Payable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 insurance Expense 536 Office Supplies Expense Biscoyne Bary Water inc. bonties and distributes spring water. On May 14 of the current year, Bisceyne Bay Water reacquired 27,100 shares of its at $65 per share. On Seplember 6. Blscayne Bay Water sold 12.700 of the reacepired shares at $71 per share. The temaining 14,400 shates were sold at $62 per $ hare on November 30 . Required: a. Journalie the fransactions of May 14, Septerpber 6, and November 30 b. What is the baiance in Raid-in. Cacital from Sale of Treasury Stack on Oecember 31 of the current year? c. Where will the balance in Paid in Capital from Sale of Treasury Stock be reported on the balance sheet? d. For what reasons might Bseayne Bay Water ine. howe purchased the fressury stock? 534 Rent Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense a. Journalize the transactions of May 14, September 6, and Novemter 30 . b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheot? d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock? Check all that apply. To provide shares for resale to employees. For reissuance to employees as a bonus according to stock purchase agreements. The company wishes to recelve more of its own dividends: To support the market price of the stock. The company wishes to increase the par value of its stock. EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends CHART OF ACCOUNTS Biscayne Bay Water Inc. General Ledger ASSETS 110 Cash 120 Accounts Recelvable 131 Notes Receivable 132 Interest Receivable 141 inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Dopreciation-Equipment LIABILITIES 210 Accounts Payable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 insurance Expense 536 Office Supplies Expense Biscoyne Bary Water inc. bonties and distributes spring water. On May 14 of the current year, Bisceyne Bay Water reacquired 27,100 shares of its at $65 per share. On Seplember 6. Blscayne Bay Water sold 12.700 of the reacepired shares at $71 per share. The temaining 14,400 shates were sold at $62 per $ hare on November 30 . Required: a. Journalie the fransactions of May 14, Septerpber 6, and November 30 b. What is the baiance in Raid-in. Cacital from Sale of Treasury Stack on Oecember 31 of the current year? c. Where will the balance in Paid in Capital from Sale of Treasury Stock be reported on the balance sheet? d. For what reasons might Bseayne Bay Water ine. howe purchased the fressury stock? 534 Rent Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense a. Journalize the transactions of May 14, September 6, and Novemter 30 . b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheot? d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock? Check all that apply. To provide shares for resale to employees. For reissuance to employees as a bonus according to stock purchase agreements. The company wishes to recelve more of its own dividends: To support the market price of the stock. The company wishes to increase the par value of its stock