On January 1, Vermont Corporation had 38,300 shares of $12 par value common stock issued and...
On January 1, Vermont Corporation had 38,300 shares of $12 par value common stock issued and outstanding. All 38,300 shares had been issued in a prior period at $18 per share. On February 1, Vermont purchased 1,020 shares of treasury stock for $27 per share and later sold the treasury shares for $18 per share on March 1.
The journal entry to record the purchase of the treasury shares on February 1 would include a
A. credit to Treasury Stock for $27,540
B. debit to Treasury Stock for $27,540
C. debit to a loss account for $9,180
D. credit to a gain account for $9,180
Homework Answers
The journal entry to record the purchase of the treasury shares on February 1 would include a Debit to Treasury Stock for $27,540 - option b
Note : On purchase of treasury stock , below journal entry is passed :-
| Debit | Credit | |
|---|---|---|
| Treasury Stock (1,020 * $27) | $27,540 | |
| Cash | $27,540 |
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