Treasury stock transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of...
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Accounting
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.
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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
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
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