What is the journal entry for repurchasing 7,000 shares of treasury stock at \$50 per share?

• A. Debit Treasury Stock \$350,000; Credit Cash \$350,000
• B. Debit Cash \$350,000; Credit Treasury Stock \$350,000
• C. Debit Cash \$50,000; Credit Treasury Stock \$50,000
• D. Debit Treasury Stock \$50,000; Credit Cash \$50,000

Answer: (A)