Journal entry to record the reacquisition of the stock, Accounting Basics

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Journal entry to record the reacquisition of the stock

On September 1, 2008, Melnick Company reacquired 12,000 shares of its $10 par value common stock for $15 per share. Melnick uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit

a) Treasury Stock for $120,000.

b) Common Stock for $120,000.

c) Common Stock for $120,000 and Paid-in Capital in Excess of Par for $60,000.

d) Treasury Stock for $180,000.

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Accounting Basics: Journal entry to record the reacquisition of the stock

Reference No:- TGS048659

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Accounting Basics: Journal entry to record the reacquisition of the stock

Reference No:- TGS048659

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: Journal entry to record the reacquisition of the stock

Reference No:- TGS048659

Recent Questions Asked Accounting Basics

Q : Bonds in the journal entry for the bond issue

Q : Capital account increase as a result of this transaction

Q : Liability account by the amount of the dividend

Q : Proceeds would be allocated to the common stock

Q : Journal entry to record the reacquisition of the stock

Q : Standard deviation of the sample means equals

Q : Hospital entitled to tax exempt status

Q : Ward individual tax return will report

Q : Amount of interest expense recorded by pirate

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