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
Correct Answer:
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