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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 Cash Cash
CashCommon StockPreferred StockRetained EarningsTreasury StockTreasury Stock Treasury Stock Treasury Stock
CashCommon StockPaid-In Capital from Sale of Treasury 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
Nov. 23 CashCommon StockPreferred StockRetained EarningsTreasury StockCash Cash Cash
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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