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Mr. Zaidi, a new and inexperienced accountant for Dairy Corporation, made the following entries in the books of the company: Sept. 1 Share CapitalOrdinary 36,000(Debit),
Mr. Zaidi, a new and inexperienced accountant for Dairy Corporation, made the following entries in the books of the company: Sept. 1 Share CapitalOrdinary 36,000(Debit), Retained Earnings 24,000 (Debit); Cash 60,000 (Credit) (Purchased 4,000 shares issued on July 1 for the treasury at $15 per share) You are required to review the above entry and answer:
| A. Correct | |
| B. Incorrect |
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