What Is the Correct Journal Entry for the Following Transaction

question 38

Multiple Choice

What is the correct journal entry for the following transaction? Melton Industries acquired 360 shares of its own $12 par common stock for $23.

• A) Debit Treasury Stock-Common for $8,280 and Credit Cash for $8,280
• B) Debit Treasury Stock-Common for $4,320 and Credit Cash for $4,320
• C) Debit Cash for $8,280 and Credit Treasury Stock-Common for $8,280
• D) Debit Cash for $4,320 and Credit Treasury Stock-Common for $4,320