A corporation originally issued $ 14.00 $14.00 par value common stock for $ 15.0

Question

A corporation originally issued $ 14.00 $14.00 par value common stock for $ 15.00 $15.00 per share. Which of the following is included in the entry to record the purchase of 600 600 shares of treasury stock for $ 23.00 $23.00 per? share? A. Treasury Stock long dash —Common is debited for $ 13 comma 800 $13,800. B. Retained Earnings is debited for $ 6 comma 900 $6,900. C. Treasury Stock long dash —Common is credited for $ 90 $90. D. Treasury Stock long dash —Common is debited for $ 6 comma 900 $6,900. Click to select your answer

Explanation / Answer

A. Treasury Stock-Common is debited for $13,800.

To record the purchase of 600 shares of treasury stock Treasury Stock-Common is debited for $13,800(600 shares * $23).

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