Question
On December 2, Coley Corp. acquired 1,300 shares of its $4 par value common stock for $25 each. On December 20,Coley Corp. resold 900 Shares
On December 2, Coley Corp. acquired 1,300 shares of its $4 par value common stock for $25 each.
On December 20,Coley Corp. resold 900 Shares for $11 each. Which of the following is correct regarding the journal entry for the resold shares?
A. Credit treasury stock $22,500
B. Credit Treasury Stock $9,900
C. Credit Additional Paid- in Capital $6,300
D. Debit cash $14,300
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Financial accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
IFRS Edition
9781119153726, 978-1118285909
