Homework Help is Here – Start Your Trial Now!
Business
Accounting
QUESTION 35 A corporation originally issued $10 par value common stock for $13 per share. It purchased 2,100 shares of its) own stock for $18 per share. Which of the following would be the journal entry for the sale of 15 shares of treasury stock for $10 per share? Assume the Paid-in Capital from Treasury Stock Transactions has a credit balance of $20. Treasury Stock Common Paid-in Capital from Treasury Stock Transactions Cash B) 4,050 810 3,240 Cash 3,240 Paid-in Capital from Treasury Stock Transactions 810 Treasury Stock - Common 4,050 Cash 3,240 Paid-in Capital from Treasury Stock Transactions 300 Retained Earnings 510 Treasury Stock - Common 4,050 Cash 3,240 Retained Earnings 810 Treasury Stock - Common 4,050

QUESTION 35 A corporation originally issued $10 par value common stock for $13 per share. It purchased 2,100 shares of its) own stock for $18 per share. Which of the following would be the journal entry for the sale of 15 shares of treasury stock for $10 per share? Assume the Paid-in Capital from Treasury Stock Transactions has a credit balance of $20. Treasury Stock Common Paid-in Capital from Treasury Stock Transactions Cash B) 4,050 810 3,240 Cash 3,240 Paid-in Capital from Treasury Stock Transactions 810 Treasury Stock - Common 4,050 Cash 3,240 Paid-in Capital from Treasury Stock Transactions 300 Retained Earnings 510 Treasury Stock - Common 4,050 Cash 3,240 Retained Earnings 810 Treasury Stock - Common 4,050

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Give me correct answer and explanation

F

QUESTION 35 A corporation originally issued $10 par value common stock for $13 per share. It purchased 2,100 shares of its) own stock for $18 per share. Which of the following would be the journal entry for the sale of 15 shares of treasury stock for $10 per share? Assume the Paid-in Capital from Treasury Stock Transactions has a credit balance of $20. Treasury Stock Common Paid-in Capital from Treasury Stock Transactions Cash B) 4,050 810 3,240 Cash 3,240 Paid-in Capital from Treasury Stock Transactions 810 Treasury Stock - Common 4,050 Cash 3,240 Paid-in Capital from Treasury Stock Transactions 300 Retained Earnings 510 Treasury Stock - Common 4,050 Cash 3,240 Retained Earnings 810 Treasury Stock - Common 4,050
Transcribed Image Text:QUESTION 35 A corporation originally issued $10 par value common stock for $13 per share. It purchased 2,100 shares of its) own stock for $18 per share. Which of the following would be the journal entry for the sale of 15 shares of treasury stock for $10 per share? Assume the Paid-in Capital from Treasury Stock Transactions has a credit balance of $20. Treasury Stock Common Paid-in Capital from Treasury Stock Transactions Cash B) 4,050 810 3,240 Cash 3,240 Paid-in Capital from Treasury Stock Transactions 810 Treasury Stock - Common 4,050 Cash 3,240 Paid-in Capital from Treasury Stock Transactions 300 Retained Earnings 510 Treasury Stock - Common 4,050 Cash 3,240 Retained Earnings 810 Treasury Stock - Common 4,050
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS