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SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 14,800 shares of its common stock at $41 per share. On June 9, 9,300 of the reacquired shares were sold at $43 per share, and on November 13, 3,600 of the reacquired shares were sold at $44. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. Mar. 9 Treasury Stock 606,800 V Cash 606,800 V June 9 Cash 399,900 V Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 13 Cash 158,400 V Treasury Stock Paid-In Capital from Sale of Treasury Stock Feedback b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Credit c. What is the balance in Treasury Stock on December 31 of the current year? Debit

SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 14,800 shares of its common stock at $41 per share. On June 9, 9,300 of the reacquired shares were sold at $43 per share, and on November 13, 3,600 of the reacquired shares were sold at $44. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. Mar. 9 Treasury Stock 606,800 V Cash 606,800 V June 9 Cash 399,900 V Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 13 Cash 158,400 V Treasury Stock Paid-In Capital from Sale of Treasury Stock Feedback b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Credit c. What is the balance in Treasury Stock on December 31 of the current year? Debit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 14,800 shares of its common stock at $41 per share. On June 9, 9,300 of the reacquired shares were sold at $43 per share, and on November 13, 3,600 of the reacquired shares were sold at $44. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. Mar. 9 Treasury Stock 606,800 V Cash 606,800 June 9 Cash 399,900 Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 13 Cash 158,400 Treasury Stock - v Paid-In Capital from Sale of Treasury Stock Feedback b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Credit c. What is the balance in Treasury Stock on December 31 of the current year? Debit d. How will the balance in Treasury Stock be reported on the balance sheet?
Transcribed Image Text:SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 14,800 shares of its common stock at $41 per share. On June 9, 9,300 of the reacquired shares were sold at $43 per share, and on November 13, 3,600 of the reacquired shares were sold at $44. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. Mar. 9 Treasury Stock 606,800 V Cash 606,800 June 9 Cash 399,900 Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 13 Cash 158,400 Treasury Stock - v Paid-In Capital from Sale of Treasury Stock Feedback b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Credit c. What is the balance in Treasury Stock on December 31 of the current year? Debit d. How will the balance in Treasury Stock be reported on the balance sheet?
Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 76,000 shares of its common stock at $8 per share. On August 3, Kick Off sold 54,000 of the reacquired shares at $11 per share. On November 14, Kick Off sold the remaining shares at $6 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 27 Treasury Stock 76,000 x Cash 76,000 Aug. 3 Cash 594,000 V Treasury Stock 54,000 Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash 132,000 V Paid-In Capital from Sale of Treasury Stock Treasury Stock
Transcribed Image Text:Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 76,000 shares of its common stock at $8 per share. On August 3, Kick Off sold 54,000 of the reacquired shares at $11 per share. On November 14, Kick Off sold the remaining shares at $6 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 27 Treasury Stock 76,000 x Cash 76,000 Aug. 3 Cash 594,000 V Treasury Stock 54,000 Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash 132,000 V Paid-In Capital from Sale of Treasury Stock Treasury Stock
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