Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

33 NEED HELP ASAP Salon Company originally issued 3,000 shares of $10 par value common stock for $90,000 ($30 per share). Salon subsequently purchases 300

33 NEED HELP ASAP

Salon Company originally issued 3,000 shares of $10 par value common stock for $90,000 ($30 per share). Salon subsequently purchases 300 shares of treasury stock for $27 per share and resells the 300 shares of treasury stock for $29 per share. In the entry to record the sale of the treasury stock, there will be a

debit to Paid-In Capital in Excess of Par of $9,000.

credit to Paid-In Capital from Treasury Stock for $600.

credit to Common Stock for $8,100.

credit to Treasury Stock for $3,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions