Lily Corporation purchased 2,800 shares of its $5 par value common stock for a cash price of $10 per share Two months later, Lily sold the treasury stock for a cash price of $7 per share Prepare the journal entry to record the sale of the treasury stock assuming (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered Do not indent manually ) (a) (b) No Account Titles and Explanation (a) No balance in Paid in Capital from Treasury Stock A $5,000 balance in Paid in Capital from Treasury Stock (b) Debit Credit Lily Corporation purchased 2,800 shares of its $5 par value comenon stock for a cach price of $10 per share Two months later, Lily sold the treasury stock for a cash price of $7 per share Prepare the journal entry to record the sale of the treasury stock assuming (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered Do not indent manually) (a) No balance in Paid in Capital from Treasury Stock (b) A $5,000 balance in Paid in Capital from Treasury Stock No Account Titles and Explanation Debit Credit (a) (b)

Question

Lily Corporation purchased 2,800 shares of its $5 par value common stock for a cash price of $10 per share  Two months later, Lily sold the treasury stock for a cash price of $7 per share  Prepare the journal entry to record the sale of the treasury stock assuming (List all debit entries before credit entries  Credit account titles are automatically indented when the amount is entered  Do not indent manually ) (a) (b) No  Account Titles and Explanation (a) No balance in Paid in Capital from Treasury Stock  A $5,000 balance in Paid in Capital from Treasury Stock  (b) Debit Credit Lily Corporation purchased 2,800 shares of its $5 par value comenon stock for a cach price of $10 per share  Two months later, Lily sold the treasury stock for a cash price of $7 per share  Prepare the journal entry to record the sale of the treasury stock assuming (List all debit entries before credit entries  Credit account titles are automatically indented when the amount is entered  Do not indent manually) (a) No balance in Paid in Capital from Treasury Stock  (b) A $5,000 balance in Paid in Capital from Treasury Stock No  Account Titles and Explanation Debit Credit (a) (b)

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Lily Corporation purchased 2,800 shares of its $5 par value common stock for a cash price of $10 per share. Two months later, Lily sold

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