During this year, board of directors at Munoz Company authorizes repurchase of 100 shares of the company's own common stock with $2 par value for $10 per share. Which of the following journal entries is recorded correctly? O DR: Treasury Stock $1,000: CR: Cash $1.000 O DR: Cash $1.000; CR: Treasury Stock $1,000 O DR: Cash $1.000; CR: Common Stock $200 and Additional Paid-in Capital from Common Stock $800 O DR: Treasury Stock $800 and Additional Paid-in Capital from Treasury Stock $200: CR: Cash $1.000 O DR: Common Stock $1,000; CR: Cash $1,000

During this year, board of directors at Munoz Company authorizes repurchase of 100 shares of the company's own common stock with $2 par value for $10 per share. Which of the following journal entries is recorded correctly? O DR: Treasury Stock $1,000: CR: Cash $1.000 O DR: Cash $1.000; CR: Treasury Stock $1,000 O DR: Cash $1.000; CR: Common Stock $200 and Additional Paid-in Capital from Common Stock $800 O DR: Treasury Stock $800 and Additional Paid-in Capital from Treasury Stock $200: CR: Cash $1.000 O DR: Common Stock $1,000; CR: Cash $1,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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