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OLEGan [10]
3 years ago
14

Victory Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record th

e sale will include a
Business
1 answer:
Marianna [84]3 years ago
6 0

Answer:The entry to record the sale will include a Credit toPaid in Capital from  treasury stock at $4,000.

Explanation:

Journal entry to record sale of shares

Accounts and explanation          Debit                  Credit

Cash                                        $18,000

Treasury stock                                                      $14,000      

Paid in Capital from Treasury STOCK                  $4,000

Calculation

CASH = Number of  shares x Price per share

= 400 x $45=$18,000

Treasury stock = Number of  shares x Price per share

= 400 x $35=$14,000

Paid In Capital = Cash - Treasury stock= $18,000- $14,000= $4000

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The correct answer of the question is Fraud.

The unintentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other party amounts to: Fraud.

<h3>What is Fraud?</h3>
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  • It is an intentional form of deception that can have various criminal consequences.
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2 years ago
Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $104 in cash along with recei
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Answer: Please see explanation for answers

Explanation:

Journal to record establishment of fund

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Sept 9                    Petty cash                                          $350

                              To Cash                                                                  $350

Journal to record the reimbursement of petty cash fund

Date                  Account titles and explanation            Debit     Credit

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                        Postage expense                                     $123

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                           To Cash                                                                      $246

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October 1        Petty cash                                               $50              

                        To Cash                                                                       $50

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The powerful business report can be written as-

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