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.- **Option 1:** - Debit: Treasury Stock — Common $190 - Credit: Paid-in Capital from Treasury Stock Transactions $30 - Credit: Cash $160- **Option 2:** - Debit: Cash $160 - Debit: Treasury Stock — Common $160- **Option 3:** - Debit: Cash $160 - Debit: Retained Earnings $30 - Credit: Treasury Stock — Common $190- **Option 4:** - Debit: Cash $160 - Credit: Paid-in Capital from Treasury Stock Transactions $30 - Credit: Treasury Stock — Common $190The given entries explain how the sale of treasury stock is recorded in accounting. The transactions involve cash received, adjustments in paid-in capital, treasury stock, and potentially retained earnings, depending on how the sale amount compares to the treasury stock's cost and the applied accounting method.

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FINANCIAL ACCOUNTING

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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