Please Refer to the Following Information for Peartree Company

question 29

Multiple Choice

Please refer to the following information for Peartree Company: If Peartree purchases an additional 1,000 shares of treasury stock at $18 per share, what journal entry will be required?

• A)Debit Treasury stock $18,000 and credit Retained earnings $18,000.
• B)Debit Treasury stock $20,000, credit Loss on sale $2,000 and credit Cash $18,000.
• C)Debit Treasury stock $18,000 and credit Cash $18,000.
• D)Debit Cash $18,000 and credit Treasury stock $18,000.

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Definitions:

Iron

A metallic element essential for human health, used in the body to make hemoglobin for oxygen transport in the blood.

Unsaturated Fats

Fats, including most vegetable oils, that is usually liquid at room temperature and tends to lower blood cholesterol.

Olive Oil

A cooking oil extracted from olives, known for its health benefits and use in Mediterranean cuisine.

Ascorbic Acid

A vitamin found in various foods and sold as a dietary supplement, commonly known as vitamin C, which is essential for the repair of tissue and the enzymatic production of certain neurotransmitters.