Jacobs Corporation has the following shareholders' equity on December 31, 2014:
Shareholders' equity
-If 10,000 common shares were reacquired for $17 per share, the journal entry to record the transaction would
A) credit Contributed Surplus for $30,000.
B) debit Retained Earnings for $30,000.
C) credit Common Shares for $170,000.
D) debit Common Shares for $170,000.

Question

Jacobs Corporation has the following shareholders' equity on December 31, 2014:
Shareholders' equity 
-If 10,000 common shares were reacquired for $17 per share, the journal entry to record the transaction would
A) credit Contributed Surplus for $30,000. 
B) debit Retained Earnings for $30,000. 
C) credit Common Shares for $170,000. 
D) debit Common Shares for $170,000.

Quizplus · Accepted Answer

The Answer of Jacobs Corporation has the following shareholders' equity on December 31, 2014:
Shareholders' equity 
-If 10,000 common shares were reacquired for $17 per share, the journal entry to record the transaction would
A) credit Contributed Surplus for $30,000. 
B) debit Retained Earnings for $30,000. 
C) credit Common Shares for $170,000. 
D) debit Common Shares for $170,000.

Jacobs Corporation Has the Following Shareholders' Equity on December 31