ACCOUNTING Chapter 10 MHC Questions 6-7 (of 11) IThe following information appli

Question

ACCOUNTING Chapter 10 MHC Questions 6-7 (of 11) IThe following information applies to the questions displayed belowj California Surf Clothing Company issues 1,000 shares of S1 par value common stock at $15 per share. Later in the year, the company decides to repurchase 100 shares at a cost of $18 per share value 0.90 points Record the purchase of treasury stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list

Explanation / Answer

The journal entry would be

Treasury stock a/c..Dr$1800(100*18)

To cash account $1800

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