41) The purchase of treasury stock 41) . A) increases assets and stockholders\'

Question

41) The purchase of treasury stock 41) . A) increases assets and stockholders' equity B) increases assets and decreases stockholders' equity C) decreases assets and increases stockholders' equity D) decreases assets and stockholders' equity 42) A corporation originally issued $7 par value common stock for $15 per share. Which of the 42) following is included in the entry to record the purchase of 300 shares of treasury stock for $12 per share? A) Retained Earnings is debited for $1,800. B) Treasury Stock-Common is debited for $3,600. C Treasury Stock-Common is debited for $1,800. D) Treasury Stock-Common is credited for $45.

Explanation / Answer

41) D) decreases assets and stockholder's equity

42) B) Treasury Stock - Common is debited for $3,600

(300 shares x $12)

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