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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: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.
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
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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