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On May 27, Kick Off Inc. reacquired 4,600 shares of its common stock at $55 per share. On August 3, Kick Off sold 2,900 of the reacquired shares at $58 per share. November 14, Kick Off sold the remaining shares at $54 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. May 27 Treasury Stock 253,000 Cash 253,000 Cash Aug. 3 168,200 Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock 00

On May 27, Kick Off Inc. reacquired 4,600 shares of its common stock at $55 per share. On August 3, Kick Off sold 2,900 of the reacquired shares at $58 per share. November 14, Kick Off sold the remaining shares at $54 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. May 27 Treasury Stock 253,000 Cash 253,000 Cash Aug. 3 168,200 Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock 00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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### Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 4,600 shares of its common stock at $55 per share. On August 3, Kick Off sold 2,900 of the reacquired shares at $58 per share. November 14, Kick Off sold the remaining shares at $54 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. #### May 27 - **Treasury Stock**: 253,000 - **Cash**: 253,000 #### Aug. 3 - **Cash**: 168,200 - **Treasury Stock**: [Blank] - **Paid-In Capital from Sale of Treasury Stock**: [Blank] #### Nov. 14 - **Cash**: [Blank] - **Paid-In Capital from Sale of Treasury Stock**: [Blank] - **Treasury Stock**: [Blank] Explanation of Graphs/Diagrams: There are no graphical elements in the image, only text and blank boxes indicating amounts that need to be filled in. Here is a more detailed description of how the transactions are recorded: 1. **May 27 Transaction:** - Kick Off Inc. reacquires 4,600 shares of its common stock at $55 per share. - Journal Entry: - Debit Treasury Stock $253,000 (4,600 shares * $55). - Credit Cash $253,000. 2. **August 3 Transaction:** - Kick Off sells 2,900 of the reacquired shares at $58 per share. - Journal Entry: - Debit Cash $168,200 (2,900 shares * $58). - Credit Treasury Stock for the cost of the shares sold: $159,500 (2,900 shares * $55). - Credit Paid-In Capital from Sale of Treasury Stock for the excess over cost: $8,700 ($168,200 - $159,500). 3. **November 14 Transaction:** - Kick Off sells the remaining shares at $54 per share. - Journal Entry: - Debit Cash for the sale proceeds. - Debit Paid-In Capital from Sale of Treasury Stock if sold at a loss compared to the cost. - Credit Treasury Stock for the cost of the
Transcribed Image Text:### Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 4,600 shares of its common stock at $55 per share. On August 3, Kick Off sold 2,900 of the reacquired shares at $58 per share. November 14, Kick Off sold the remaining shares at $54 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. #### May 27 - **Treasury Stock**: 253,000 - **Cash**: 253,000 #### Aug. 3 - **Cash**: 168,200 - **Treasury Stock**: [Blank] - **Paid-In Capital from Sale of Treasury Stock**: [Blank] #### Nov. 14 - **Cash**: [Blank] - **Paid-In Capital from Sale of Treasury Stock**: [Blank] - **Treasury Stock**: [Blank] Explanation of Graphs/Diagrams: There are no graphical elements in the image, only text and blank boxes indicating amounts that need to be filled in. Here is a more detailed description of how the transactions are recorded: 1. **May 27 Transaction:** - Kick Off Inc. reacquires 4,600 shares of its common stock at $55 per share. - Journal Entry: - Debit Treasury Stock $253,000 (4,600 shares * $55). - Credit Cash $253,000. 2. **August 3 Transaction:** - Kick Off sells 2,900 of the reacquired shares at $58 per share. - Journal Entry: - Debit Cash $168,200 (2,900 shares * $58). - Credit Treasury Stock for the cost of the shares sold: $159,500 (2,900 shares * $55). - Credit Paid-In Capital from Sale of Treasury Stock for the excess over cost: $8,700 ($168,200 - $159,500). 3. **November 14 Transaction:** - Kick Off sells the remaining shares at $54 per share. - Journal Entry: - Debit Cash for the sale proceeds. - Debit Paid-In Capital from Sale of Treasury Stock if sold at a loss compared to the cost. - Credit Treasury Stock for the cost of the
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