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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 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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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