Question
On May 27, Hydro Clothing Inc. reacquired 60,000 shares of its common stock at $8 per share. On August 3, Hydro Clothing sold 42,000 of
On May 27, Hydro Clothing Inc. reacquired 60,000 shares of its common stock at $8 per share. On August 3, Hydro Clothing sold 42,000 of the reacquired shares at $12 per share. On November 14, Hydro Clothing sold the remaining shares at $6 per share.
Journalize the transactions of May 27, August 3, and November 14.
Date Account Debit Credit
May 27
Treasury Stock 480,000 0
Cash 0 480,000
Aug. 3
Cash 504,000 0
Treasury Stock 0 336,000
Paid-In Capital from Sale of Treasury Stock 0 168,000
Nov. 14
Cash (Fill in the Blank)
Paid-In Capital from Sale of Treasury Stock 36,000 0
Treasury Stock (Fill in the Blank)
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Financial And Managerial Accounting Information For Decisions
Authors: John Wild, Ken Shaw, Barbara Chiappetta
7th Edition
1259726703, 9781259726705
