N December 2, Coley Corp. acquired 1,700 shares of its $2 par value common stock for $21 each. On December 20, Coley Corp. resold 1,300 shares for $12 each. Which of the following is correct regarding the journal entry for the resold shares?
Credit Additional Paid-in Capital $7,000
Credit Treasury Stock $20,000
Debit Cash $15,400
Credit Treasury Stock $11,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “N December 2, Coley Corp. acquired 1,700 shares of its $2 par value common stock for $21 each. On December 20, Coley Corp. resold 1,300 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
You purchased 3,600 shares in the New Pacific Growth Fund on January 2, 2016, at an offering price of $29.30 per share. The front-end load for this fund is 6 percent, and the back-end load for redemptions within one year is 1 percent.
Answers (1)
Countries are interconnected today as never before. From eating foods from different countries to singing along to songs performed by foreign bands to wearing clothes made in faraway nations, chances are you encounter something or someone from
Answers (1)
Why would a company sell receivables to another company?
Answers (1)
When a times-interest-earned ratio is 8.5, this means that the firm:?
Answers (1)
A corporation: Answer is ultimately controlled by its board of directors. is a legal entity separate from its owners. is prohibited from entering into contractual agreements. has its identity defined by its bylaws.
Answers (1)
New Questions in Business
As you approach potential investors for you new business, it's important to present them with A. a good, solid business plan. B. your goals for lifelong happiness. C. your highest hopes for success. D. a detailed list of your needs.
Answers (1)
Squirrel Co. operates in a lean manufacturing environment. For June production, Squirrel purchased 6,000 units of raw materials at $6.00 per unit on account. The journal entry required to record this transaction is: a.
Answers (1)
The Collins Company forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 100,000 hours.
Answers (1)
A bond has a $1,000 par value, 11 years to maturity, and pays a coupon of 4.75% per year, semiannually. The bond can be called in five years at $1,050. If the bond's price is $797.92, what is its annual yield to maturity
Answers (1)
This inventory system requires a physical inventory count to be made at least once during the year. Answer 1 This inventory system computes and records cost of goods sold at the time of sale.
Answers (1)