Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 20 swage corporation is authorized to iss

Question 20 Swage Corporation is authorized to issue 2 million shares of $1 par value...

60.1K

Verified Solution

Question

Accounting

Question 20 Swage Corporation is authorized to issue 2 million shares of $1 par value common stock. During 2020 the company purchased 1,000 shares of common stock for the treasury at $7 per share. Prepare the required journal entry.

a. (Dr.) Treasury Stock 7,000 (Cr.) Cash 7,000 b. (Dr.) Common Stock 7,000 (Cr.) Cash 7,000 c. (Dr.) Common Stock 1,000 (Cr.) Cash 1,000 d. (Dr.) Treasury Stock 1,000 (Cr.) Cash 1,000

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

Other questions asked by students

Algebra
1.2K views

0 Find the slope of the line passing through the points 2 5 and 4...

Programming
1.2K views

Design an FA (Finite automaton) and RE to accept the set of all strings over the...

Chemistry
1.2K views

The calcium supplements taken by many women are composed primarily of powdered calcium carbonate, CaCO3, which...

Psychology
1.2K views

What do you consider to be the most important aspect of the Conferance Resident Assistants role...

General Management
1.2K views

Which type of organizational commitment (affective-continuance or nominative) do you think is most important to you...

Geometry
1.2K views

9 59 Locate the centroid 7 y of the composite area

Basic Math
1.2K views

Factorize (144z2y - 225ab).(12zy - 15ab)(12zy-15ab)(12zy + 15ab)(12zy + 15ab)

Statistics
1.2K views

4 Kenya pays 56 34 biweekly for health insurance which is 18 of the total...

Algebra
1.2K views

For each of the series below select the letter from A to C that best...

Accounting
1.2K views

The debit sale for sales tax paid on the purchase of a plant asset would...

Accounting
1.2K views

6. A 18,000 car will have a scrap value of 800 nine years after the...

Finance
1.2K views

1. Calculate the Macaulay duration of a 4-year bond with a 7% semi-annual coupon that...