Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on march 4, 2019, orpheus inc. purchased 2,100 sha

On March 4, 2019, Orpheus Inc. purchased 2,100 shares of its own $10 par value...

80.2K

Verified Solution

Question

Accounting

On March 4, 2019, Orpheus Inc. purchased 2,100 shares of its own $10 par value common stock in the market for $32 per share. On August 19, 2019, the company sold 1,600 of these shares in the open market at a price of $36 per share. The entry to record the purchase of the treasury stock on March 4, 2019 is:

  • Dr. Common Stock 21,000
    Cr. Cash 21,000
  • Dr. Treasury Stock 67,200
    Cr. Retained Earnings 67,200
  • Dr. Treasury Stock 67,200
    Cr. Cash 67,200
  • Dr. Common Stock 21,000
    Dr. Treasury Stock 46,200
    Cr. Cash 67,200

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students