Entries for Treasury Stock On May 27 Let Loose Inc reacquire

Entries for Treasury Stock On May 27, Let Loose Inc. reacquired 4,400 shares of its common stock at $22 per share. On August 3, Let Loose sold 1,900 of the reacquired shares at $25 per share. November 14, Let Loose sold the remaining shares at $21 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 Aug. 3 Nov. 14

Solution

Solution:

Journal Entries - Let Loose Inc.
Date	Particulars	Debit	Credit
27-May	Treasury stock Dr	$96,800.00
	To Cash		$96,800.00
	(To record purchase of treasury stock)
3-Aug	Cash Dr (1900*$25)	$47,500.00
	To Treasury stock (1900*$22)		$41,800.00
	To Additonal paid in capital		$5,700.00
	(To record sale of treasury stock)
14-Nov	Cash Dr (2500*$21)	$52,500.00
	Additional paid in capital Dr	$2,500.00
	To Treasury stock (2500*$22)		$55,000.00
	(To record sale of treasury stock)