TB MC Qu. 11-154 (Static) Prior to June 30, a company... 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 reissuance of treasury stock on July 20? Multiple Choice O Debit Common Stock $2,300, credit Cash $2,300 O Debit Common Stock $20, debit Treasury Stock $2.280, credit Cash $2,300 O h Debit Common Stock $2,300, credit Treasury Stock $2.000, credit Paid-In Capital, Treasury Stock $300
TB MC Qu. 11-154 (Static) Prior to June 30, a company... 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 reissuance of treasury stock on July 20? Multiple Choice O Debit Common Stock $2,300, credit Cash $2,300 O Debit Common Stock $20, debit Treasury Stock $2.280, credit Cash $2,300 O h Debit Common Stock $2,300, credit Treasury Stock $2.000, credit Paid-In Capital, Treasury Stock $300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Multiple Choice
O
O
Debit Common Stock $2,300; credit Cash $2,300.
Debit Common Stock $20, debit Treasury Stock $2.280; credit Cash $2,300.
O Debit Common Stock $2,300, credit Treasury Stock $2.000, credit Paid-In Capital, Treasury Stock $300
Debit Cash $2,300, credit Paid-in Capital, Treasury Stock $300: credit Treasury Stock $2,000.
Debit Cash $2,300; credit Treasury Stock $2,300.
Transcribed Image Text:TB MC Qu. 11-154 (Static) Prior to June 30, a company...
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 reissuance of treasury stock on July 20?
Multiple Choice
O
O
Debit Common Stock $2,300, credit Cash $2,300
Debit Common Stock $20, debit Treasury Stock $2.280, credit Cash $2,300
Debit Common Stock $2,300, credit Treasury Stock $2.000, credit Paid-In Capital, Treasury Stock $300
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