Possible answers for treasury stock is... a contra-equity account? a contra-asset account? a contra-liability account? or contra expense aaccount?

Stockholders equity: Add? or Less?

treasury stock ______ shares at a cost _________?????

After being in business for several years and issuing its common stock to the public, Liquidation Universe, Inc., completed the following treasury stock transactions (Click the icon to view the transactions) Read the requirement Requirement 1. Journalize these transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by journalizing the purchase of the treasury stock More Into Journal Entry Accounts Debit Credit Prchased 2,300 shares of the company's $3 par common stock as treasury stock, paying cash of $7 per share Sold 1,900 shares of the treasury stock for cash of S9 per share a. b. Now let's jounalize the sale of the treasury stock Journal Entry Accounts Debit Credit b. Requirement 2. What kind of account is Treasury stock? After completing the two transactions, how should Liquidation Universe, Inc., report the treasury stock on its balance sheet? Treasury stock is a contra-equity account. After completing the two transactions, the balance sheet for Liquidation Universe will report: Stockholders' equity Treasury stockshares at cost