On Jan 1 Al Seeb SAOG had 40,000 shares of OMR 10 par value ordinary shares issued and outstanding. All 40,000 shares had been issued in a prior period at OMR 20 per share. Feb. 1 Al seeb SAOG company purchased 2750 shares of treasury stock for OMR 25 per share and later sold the treasury stock for OMR 21 on March 1. Journal entry to record the purchase of the treasury shares on Feb 1 would include: a) b) Debit to loss account for OMR 112,500 None of these c) Credit to Treasury stock for OMR 68,750 d) Debit to Treasury stock for OMR 68,750
On Jan 1 Al Seeb SAOG had 40,000 shares of OMR 10 par value ordinary shares issued and outstanding. All 40,000 shares had been issued in a prior period at OMR 20 per share. Feb. 1 Al seeb SAOG company purchased 2750 shares of treasury stock for OMR 25 per share and later sold the treasury stock for OMR 21 on March 1. Journal entry to record the purchase of the treasury shares on Feb 1 would include: a) b) Debit to loss account for OMR 112,500 None of these c) Credit to Treasury stock for OMR 68,750 d) Debit to Treasury stock for OMR 68,750
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![On Jan 1 Al Seeb SAOG had 40,000 shares of
OMR 10 par value ordinary shares issued and
outstanding. All 40,000 shares had been issued
in a prior period at OMR 20 per share. Feb. 1 Al
seeb SAOG company purchased 2750 shares of
treasury stock for OMR 25 per share and later
sold the treasury stock for OMR 21 on March 1.
Journal entry to record the purchase of the
treasury shares on Feb 1 would include:
a)
b)
Debit to loss account for OMR 112,500
None of these
Credit to Treasury stock for
OMR 68,750
d)
Debit to Treasury stock for OMR 68,750](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fde083eb0-93ae-4984-8e62-bf611910251b%2F62b72a33-01f6-4f70-a0b1-827b3e706b97%2Fyvho0nc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On Jan 1 Al Seeb SAOG had 40,000 shares of
OMR 10 par value ordinary shares issued and
outstanding. All 40,000 shares had been issued
in a prior period at OMR 20 per share. Feb. 1 Al
seeb SAOG company purchased 2750 shares of
treasury stock for OMR 25 per share and later
sold the treasury stock for OMR 21 on March 1.
Journal entry to record the purchase of the
treasury shares on Feb 1 would include:
a)
b)
Debit to loss account for OMR 112,500
None of these
Credit to Treasury stock for
OMR 68,750
d)
Debit to Treasury stock for OMR 68,750
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