Accounting MCQ Accounting Chapter 11 A corporation reacquired 1,000 shares of its $0.01 par value common stock outstanding, paying $14 per share. Three months later, the 500 shares of the treasury stock was reissued for $16 per share. The journal entry to record the sale of the treasury stock will include:

A corporation reacquired 1,000 shares of its $0.01 par value common stock outstanding, paying $14 per share. Three months later, the 500 shares of the treasury stock was reissued for $16 per share. The journal entry to record the sale of the treasury stock will include:

Naim 22:14 Accounting Chapter 11

A corporation reacquired 1,000 shares of its $0.01 par value common stock outstanding, paying $14 per share. Three months later, the 500 shares of the treasury stock was reissued for $16 per share. The journal entry to record the sale of the treasury stock will include:

A) a credit to Treasury Stock for $8,000.
B) a credit to Treasury Stock for $7,000.
C) a debit to Cash for $7,000.
D) a credit to Capital from Treasury Stock Transaction of $7,000.

Answer: B) a credit to Treasury Stock for $7,000.

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Accounting MCQ

A corporation reacquired 1,000 shares of its $0.01 par value common stock outstanding, paying $14 per share. Three months later, the 500 shares of the treasury stock was reissued for $16 per share. The journal entry to record the sale of the treasury stock will include:

A corporation reacquired 1,000 shares of its $0.01 par value common stock outstanding, paying $14 per share. Three months later, the 500 shares of the treasury stock was reissued for $16 per share. The journal entry to record the sale of the treasury stock will include:

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