On March 1, Pancakes Incorporated purchased 5,000 shares of its common stock paying $18 per share. What is the journal entry to record the repurchase of common stock on March 1?

a) Dr Cash 90,000; Cr Treasury Stock 90,000 

b) Dr Treasury Stock 90,000; Cr Cash 90,000 

c) Dr Cash 90,000; Cr Common Stock 90,000 

d) Dr Common Stock 90,000; Cr Cash 90,000

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The correct answer is b Dr Treasury Sto... View the full answer