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15 February, 02:53

On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common stock at $8 per share. On August 3, Hydro Clothing sold 54,000 of the reacquired shares at $11 per share. On November 14, Hydro Clothing sold the remaining shares at $7 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.

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  1. 15 February, 04:29
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    Journalize the transactions of May 27, August 3, and November 14.

    Explanation:

    deb cre

    may-27 Treasury Stock 600000

    (75000*8)

    Cash 600000

    ago-03 Cash 594000

    (54000*11)

    Treasury Stock 432000

    (54000*8)

    Paid in capital for treasury stock 162000

    nov-14 Cash 147000

    (21000*7)

    Treasury stock 168000

    (21000*7)

    Paid in capital for treasury stock 21000
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