Question
In June 2013, a company repurchased 10,000 shares of stock at a price of $10 per share. In July 2013, the company sold 5,000 of
In June 2013, a company repurchased 10,000 shares of stock at a price of $10 per share. In July 2013, the company sold 5,000 of those treasury shares for $8 per share. What is the correct journal entry for the July 2013 sale of the treasury shares?
Dr. Cash 40,000 Dr. APIC 10,000 Cr. Treasury Stock 50,000
Dr. Cash 40,000 Cr. APIC 40,000
Dr. Cash 40,000 Cr. Treasury Stock 40,000
Dr. Cash 40,000 Dr. Loss on sale 10,000 Cr. Treasury Stock 50,000
Dr. Cash 50,000 Cr. Treasury Stock 50,000
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Cost Estimating
Authors: Rodney D. Stewart
2nd Edition
0471857076, 978-0471857075
