Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. using the following information, the journal entry

Using the following information, the journal entry to record the January 1, 2019 transaction will...

70.2K

Verified Solution

Question

Accounting

Using the following information, the journal entry to record the January 1, 2019 transaction will be:

January 1, 2019:

Atlantic Corporation reacquires 2,000 shares of its $15 par common stock for $66 per share.

March 5, 2019:

Atlantic reissues 1,000 of the above mentioned shares for $75 per share.

Select one:

A.

Treasury Stock

132,000

Cash

132,000

B.

Investment in Treasury Stock

132,000

Cash

132,000

C.

Treasury Stock

30,000

Paid-in-capital, Treasury Stock

102,000

Cash

132,000

D.

Cash

132,000

Treasury Stock

132,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A random survey of enrollment at 35 community colleges across the United States yielded the following...

Statistics
Q

I'm doing a experiment for organic chemistry. I'm extracting amino acids from lentils and quinoa. I...

Chemistry
Q

Two loudspeakers emit sound waves along the x-axis. A listener in front of both speakers hears...

Physics
Q

Homework 1.1. (a) Find the solution of the initial value problem x' = x^(3/8) , x(0)=1...

Advance Math
Q

A mutation in gene X overrides the effect of a previous mutation in gene Y...

Biology
Q

3 Consider the diagram below that depicts a transcription bubble Which letter s could represent...

Biology
Q

In Millikan s oil drop experiment an oil drop of radius r and charge Q...

Physics
Q

Three identical conducting rods are joined as shown in the figure Points A and B...

Physics
Q

Which manipulations to this equation maintain its balance 3z 3 12 Drag each tile to...

Basic Math
Q

Required Information The following information applies to the questions displayed below.] Marin Company...

Accounting
Q

Sales are $2.53 million in 2023, $2.63 million in 2024, and $2.43 million in 2025....

Accounting
Q

Cori's Dog House is considering the installation of a new computerized pressure cooker for hot...

Finance