On December 12, ABC Company purchased 1,000 shares of its $2 par value common stock for $27 each. On December 23, ABC company reissued 400 shares for $15 each. Which one is the correct journal entry for reissure? O a. Debit Cash $15,000. O b. Credit Additional Paid in Capital $5,200. OC. Credit Treasury Stock $6,000. Od. Credit Treasury Stock $10,800.
On December 12, ABC Company purchased 1,000 shares of its $2 par value common stock for $27 each. On December 23, ABC company reissued 400 shares for $15 each. Which one is the correct journal entry for reissure? O a. Debit Cash $15,000. O b. Credit Additional Paid in Capital $5,200. OC. Credit Treasury Stock $6,000. Od. Credit Treasury Stock $10,800.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![On December 12, ABC Company purchased 1,000 shares of its $2 par value common stock for $27 each. On December
23, ABC company reissued 400 shares for $15 each. Which one is the correct journal entry for reissure?
O a. Debit Cash $15,000.
O b. Credit Additional Paid in Capital $5,200.
c.
Credit Treasury Stock $6,000.
O d. Credit Treasury Stock $10,800.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa6f3175d-8662-4c61-9957-1fdb057462ba%2F629986c5-9b76-43df-9854-e5203c454377%2Fy5umybk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On December 12, ABC Company purchased 1,000 shares of its $2 par value common stock for $27 each. On December
23, ABC company reissued 400 shares for $15 each. Which one is the correct journal entry for reissure?
O a. Debit Cash $15,000.
O b. Credit Additional Paid in Capital $5,200.
c.
Credit Treasury Stock $6,000.
O d. Credit Treasury Stock $10,800.
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