Prior to June 30, a company has never had any treasury stock transactions. The company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the repurchase of stock on June 30? Mutiple Choice Debit Common Stock $4,000; credit Cash $4,000. Debit Common Stock $100; debit Treasury Stock $3,900; credit Cash $4,000. Debit Treasury Stock $3,900; debit Paid-in Capital, Treasury Stock $100; credit Cash $4,000.
Prior to June 30, a company has never had any
Mutiple Choice
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Debit Common Stock $4,000; credit Cash $4,000.
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Debit Common Stock $100; debit Treasury Stock $3,900; credit Cash $4,000.
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Debit Treasury Stock $3,900; debit Paid-in Capital, Treasury Stock $100; credit Cash $4,000.
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Debit Treasury Stock, Common $4,000; credit Cash $4,000.
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Debit Cash $4,000; credit Treasury Stock $4,000.
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