What Is the Correct Journal Entry for the Following Transaction

question 54

Multiple Choice

What is the correct journal entry for the following transaction? Airline Express acquired 290 shares of its own $8 par common stock for $21.

• A) Debit Treasury Stock-Common for $2,320 and credit Cash for $2,320
• B) Debit Treasury Stock-Common for $6,090 and credit Cash for $6,090
• C) Debit Cash for $2,320 and credit Treasury Stock-Common for $2,320
• D) Debit Cash for $6,090 and credit Treasury Stock-Common for $6,090

Understand the different functions and types of control within organizations.

Recognize the role of objectives in measuring actual performance.

Distinguish between preventive maintenance and concurrent control.

Appreciate the significance of long-range planning and financial projections.

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Definitions:

Sleep Talking

The act of speaking during sleep without being aware of it, technically known as somniloquy.

Cognitive Tasks

Mental activities or operations that involve processing information, such as memory, reasoning, language comprehension, and problem-solving.

Blood Alcohol Levels

A measure of the amount of alcohol present in a person's bloodstream, used to assess intoxication and legal impairment.

Night Terrors

Episodes of intense fear that occur during deep (non-REM) sleep, typically in children, characterized by screaming, sweating, confusion, and a heightened heart rate, without memory of the event upon waking.