Testbank, Question 66 Apricot Inc. is reacquiring 25,000 common shares. The price is $4.25/share and the...

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Answer 1

Answer #1

The entry would be

Debit to common share and credit to cash.

As, common share(i.e liability for company) decreasing , it is to be debited (Rule-liability decrease-debit) and cash is going out that is asset(current asset) , (rule states decrease in asset is credited)

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Answer 2

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