On January 1, 2021, ABC Corporation is having 40,000 shares of $1 par value common stock outstanding. The following transactions occurred during the year:

On April 1, the corporation issued 3,000 common stocks at $6 per share.

On July 1, the company purchased 1,500 shares of its own stock at $8 per share.

On September 1, the board of directors declared a dividend of $1.5 per share.

On November 1, a total of 500 treasury stocks have been sold at $10 per share.

2. The journal entry to record July 1 transaction is:

On January 1, 2021, ABC Corporation is having 40,000 shares of $1 par value common stock outstanding. The following transactions occurred during the year:

On April 1, the corporation issued 3,000 common stocks at $6 per share.

On July 1, the company purchased 1,500 shares of its own stock at $8 per share.

On September 1, the board of directors declared a dividend of $1.5 per share.

On November 1, a total of 500 treasury stocks have been sold at $10 per share.

2. The journal entry to record July 1 transaction is: which one is correct?

Options Account Titles Cr. Dr. 12,000 Treasury Stock Cash 12,000 12,000 B Cash Treasury Stock Pard-in Capital from Treasury 1.500 10.500 Common Stock Peid in Capital in Excels of Par - Common Stock Cash 1,500 10,500 12.000 12.000 D Cash Treasury Stock 12,000