FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

42. Help me selecting the right answer. Thank you

A corporation originally issued $10 par value common stock for $13 per share. It purchased 2,000 shares of its own stock for $19 per share. Which of the following would be the journal entry for the sale of 10 shares of treasury stock for $16 per share? Assume the Paid-in Capital from Treasury Stock Transactions has a credit balance of $300. Options: 1. - Cash: 160 - Treasury Stock — Common: 160 2. - Cash: 160 - Retained Earnings: 30 - Treasury Stock — Common: 190 3. - Cash: 160 - Paid-in Capital from Treasury Stock Transactions: 30 - Treasury Stock — Common: 190 4. - Treasury Stock — Common: 190 - Paid-in Capital from Treasury Stock Transactions: 30 - Cash: 160
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Transcribed Image Text:A corporation originally issued $10 par value common stock for $13 per share. It purchased 2,000 shares of its own stock for $19 per share. Which of the following would be the journal entry for the sale of 10 shares of treasury stock for $16 per share? Assume the Paid-in Capital from Treasury Stock Transactions has a credit balance of $300. Options: 1. - Cash: 160 - Treasury Stock — Common: 160 2. - Cash: 160 - Retained Earnings: 30 - Treasury Stock — Common: 190 3. - Cash: 160 - Paid-in Capital from Treasury Stock Transactions: 30 - Treasury Stock — Common: 190 4. - Treasury Stock — Common: 190 - Paid-in Capital from Treasury Stock Transactions: 30 - Cash: 160
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