A corporation purchased 35 shares of treasury stock for $40.The entry to record the transaction would include a:

Name: A corporation purchased 35 shares of treasury stock for $40.The entry to record the transaction would include a:
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A corporation would purchase treasury stock with a debit to Treasury Stock account, not with a debit to Cash account. The amount of $1400 represents the cost of purchasing 35 shares at $40 per share, so the entry would be a debit to Treasury Stock for $1400.

A Corporation Purchased 35 Shares of Treasury Stock for $40