Please Refer to the Following Information for Petra Sales Company

question 2

Multiple Choice

Please refer to the following information for Petra Sales Company: If Petra Sales sells 10,000 shares of treasury stock at $14 per share, what journal entry will be made?

• A)Debit Cash $140,000 and credit Treasury stock $140,000.
• B)Debit Cash $140,000, credit Treasury stock $120,000 and credit Paid-in capital $20,000.
• C)Debit Treasury stock $140,000 and credit Cash $140,000.
• D)Debit Cash $140,000, credit Treasury stock $120,000 and credit Gain on sale of treasury stock $20,000.

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Definitions:

Introductory Chemistry

A basic course in chemistry that covers fundamental concepts, chemical laws, and introduces students to the scientific method as applied to chemistry.

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