what-is-the-journal-entry-for-repurchasing-7000-shares-of-treasury-stock-at-50-p

Question

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

Accepted Answer

Debit Treasury Stock $$350,000; Credit Cash 350$$,000

Answer

Debit Cash $$350,000; Credit Treasury Stock 350$$,000

Answer

Debit Cash $$50,000; Credit Treasury Stock 50$$,000

Answer

Debit Treasury Stock $$50,000; Credit Cash 50$$,000

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