Treasury Stock is

A. sometimes an asset

B. a liability account

C. an owners' equity account

D. a contra dividend

E. an expense on the date purchased

Use the following data to answer the next two questions:On January 1, 2018, Brayden Diaper Co. declared a $2.00 per share dividend payable on February 1, to holders of record on January 15. Before the dividend was declared, the company had 200,000 shares of $10 par value stock outstanding. On the date of declaration, the journal entry to record the dividend would include

A. a credit to Retained Earnings of $ 400,000.

B. a credit to Cash of $ 400,000.

C. a credit to Dividends Payable of $ 400,000.

D. There would be no journal entry on this date.

E. None of the above

On the date of payment, the journal entry would include a

A. a credit to Retained Earnings of $ 400,000.

B. a credit to Cash of $ 400,000.

C. a credit to Dividends Payable of $ 400,000

D. There would be no journal entry on this date

E. None of the above

Jerry's Jellies, Ltd. has decided to buy back shares of their own stock to keep in the treasury so they can provide stock bonuses to their employees. Jerry pays $100,000 for the stock. The journal entry to record this transaction would include:

A.		A debit to Cash for $100,000
B.		A debit to Treasury Stock for $100,000
C.		A credit to Treasury Stock for $100,000
D.		There is no journal entry for this transaction
E.		None of the above

Eric Co. issues 5,000 shares of $1 par value stock for $100,000. The credit to "common stock" would be

	A.	$ 100,000
	B.	$ 105,000
	C.	$ 95,000
	D.	$ 5,000
	E.	None of these