On May 27, Let Loose Inc. reacquired 6,400 shares of its commonstock at $45 per share. On August 3, Let Loose sold 3,200 of thereacquired shares at $48 per share. November 14, Let Loose sold theremaining shares at $44 per share. Journalize the transactions ofMay 27, August 3, and November 14. For a compound transaction, ifan amount box does not require an entry, leave it blank. May 27Aug. 3 Nov. 14
On May 27, Let Loose Inc. reacquired 6,400 shares of its commonstock at $45 per share. On August 3, Let Loose sold 3,200 of thereacquired shares at $48 per share. November 14, Let Loose sold theremaining shares at $44 per share. Journalize the transactions ofMay 27, August 3, and November 14. For a compound transaction, ifan amount box does not require an entry, leave it blank. May 27Aug. 3 Nov. 14
Related questions
On March 4 of the current year, Barefoot Bay, Inc. reacquired 5,000 shares of its common stock at $89 per share. On August 7, Barefoot Bay sold 3,500 of the reacquired shares at $100 per share. The remaining 1,500 shares were sold at $88 per share on November 29.
1. Journalize the transactions of March 4, August 7, and November 29. If an amount box does not require an entry, leave it blank or enter "0".
| Mar. 4 | |||
| Aug. 7 | |||
| Nov. 29 | |||
2. What is the balance in Paid-in Capital from Sale of Treasury Stock on December 31 of the current year?
$
Activation Exercise 13-1: Issuing Stock (Understanding the Business Transaction)
On January 6, Dee-Light Corporation issued for cash 16,650 shares of $1 par value common stock at $34 per share. On May 10, Dee-Light issued at par 4,550 shares of preferred 3% stock, $20 par for cash. On June 22, Dee-Light issued for cash 23,250 shares of 3%, $25 par value preferred stock at $33 per share. Determine the amount of cash that Dee-Light will receive from each of these stock issuances.
| Issue Date | Cash Received | |
| January 6 | $ _ | |
| May 10 | $_ | |
| June 22 | $ _ |
Recording in the Accounting System
a. Journalize the entry to record the January 6 issuance of common stock. If an amount box does not require an entry, leave it blank or enter "0".
b. Journalize the entry to record the May 10 issuance of preferred stock.
c. Journalize the entry to record the June 22 issuance of preferred stock. If an amount box does not require an entry, leave it blank or enter "0".
