Question

Treasures, Inc. Repurchased 1,000 shares of its $1 par value common stock for $100,000. The journal entry to record this transaction includes a ______. (Check all that apply. ) Multiple select question. $100,000 credit to Treasury Stock $100,000 debit to Cash $1,000 credit to Treasury Stock $100,000 debit to Treasury Stock $100,000 credit to Cash $1,000 debit to Treasury Stock

Answer 1

Treasures, Inc. Repurchased 1,000 shares of its $1 par value common stock for $100,000. The journal entry to record this transaction includes

- $100,000 debit to Treasury Stock

- $100,000 credit to Cash

Thus the correct option is D and E.

What is common stock?

A security that symbolizes membership in a firm is called common stock. Common stock owners choose the board of directors and show up at the polls for corporate rules.

The above general entry is based on accounting principles debit is what comes in credit is what goes out. In the given case business receives treasury stock and sends cash in exchange for a purchase.

Therefore, option D and E is appropriate.

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