History Bookmarks Window Help ezto.mheducation.com nnect ACCT 201: ACCT 201-001

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History Bookmarks Window Help ezto.mheducation.com nnect ACCT 201: ACCT 201-001 Fall 2017 ACCOUNTING Quiz instructions Ihelp Question 5 (of 20) Save & Exit Submit Time remaining: 0:58:13 On February 22, Brett Corporation acquired 190 shares of its $4 par value common stock for $23 each. On March 15, the company reissued 62 shares for $27 each. What is true of the entry for reissuing the shares? O Credit Treasury Stock $1,674 O Credit Additional Paid in Capital $248 O Credit Cash $1,426 O Debit Treasury Stock $1,426 ued. The parv

Explanation / Answer

Journal entry :

so answer is b) Credit addtional paid in capital $248

Date accounts & explanation debit credit Cash a/c (62*27) 1674 Treasury stock a/c (62*23) 1426 Additional Paid in capital 248 (To record reissue of treasury stock)

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