Cali Cup Corporation paid $24 per share to purchase 300 shares of its common stock as...
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Cali Cup Corporation paid $24 per share to purchase 300 shares of its common stock as treasury stock. The stock was originally issued at $15 per share. Which of the following would be the journal entry that Cali Cup would make to record the purchase of the treasury stock? O A. B. O C. D. Treasury Stock Cash Common Stock Cash Treasury Stock Retained Earnings Cash Accounts Accounts Accounts Accounts Treasury Stock Paid-in Capital in Excess of Par Cash Debit 7,200 Debit 7,200 Debit 4,500 2,700 Debit 4,500 2,700 Credit 7,200 Credit 7,200 Credit 7,200 Credit 7,200 Cali Cup Corporation paid $24 per share to purchase 300 shares of its common stock as treasury stock. The stock was originally issued at $15 per share. Which of the following would be the journal entry that Cali Cup would make to record the purchase of the treasury stock? O A. B. O C. D. Treasury Stock Cash Common Stock Cash Treasury Stock Retained Earnings Cash Accounts Accounts Accounts Accounts Treasury Stock Paid-in Capital in Excess of Par Cash Debit 7,200 Debit 7,200 Debit 4,500 2,700 Debit 4,500 2,700 Credit 7,200 Credit 7,200 Credit 7,200 Credit 7,200
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Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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