Treasury stock transactions

Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 3,900 shares of its common stock at $83 per share. On September 22, Mystic Lake sold 2,700 of the reacquired shares at $93 per share. The remaining 1,200 shares were sold at $79 per share on November 23.

Question Content Area

a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank.

Date	Account	Debit	Credit
July 9	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury StockTreasury Stock	Treasury Stock	Treasury Stock
	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury StockCash	Cash	Cash
Sept. 22	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury StockCash	Cash	Cash
	CashCommon StockPreferred StockRetained EarningsTreasury StockTreasury Stock	Treasury Stock	Treasury Stock
	CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockRetained EarningsPaid-In Capital from Sale of Treasury Stock	Paid-In Capital from Sale of Treasury Stock	Paid-In Capital from Sale of Treasury Stock
Nov. 23	CashCommon StockPreferred StockRetained EarningsTreasury StockCash	Cash	Cash
	Common StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Common StockPreferred StockRetained EarningsPaid-In Capital from Sale of Treasury Stock	Paid-In Capital from Sale of Treasury Stock	Paid-In Capital from Sale of Treasury Stock
	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury StockTreasury Stock	Treasury Stock	Treasury Stock