Question

Fill in the blank question. Dilution Solutions, Inc. repurchased 1,000 shares of its $1 par value common stock for $5,000. The journal entry to record this transaction includes a $5,000 to Treasury Stock

Answer 1

Dilution Solutions, Inc. repurchased 1,000 shares of its $1 par value common stock for $5,000. The journal entry to record this transaction includes a $5,000 to Treasury Stock Debit

What is  journal?

A general journal is a daybook or subsidiary journal that records transactions such as adjustment entries, opening stock, depreciation, accounting errors, and so on. Journal vouchers, copies of management reports, and invoices are examples of source documents for general journal entries.

A journal is a diary that you keep of daily events or your thoughts, or a publication that deals with a specific industry or field. A diary is an example of a journal in which you write about what happens to you and what you are thinking.

An accounting journal is a detailed record of a company's financial transactions. Because it is the first place where transactions are recorded, it is also known as the book of original entry.

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