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A) An asset account. B) A contra asset account. C) A revenue account. D) A contra equity account. E) A liability account. Please use a separate sheet of paper 10 points Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 100 shares of its common stock on May 1 for $5,000. On July 1 , it reissued 50 of these shares at $52 per share. On August 1 , it reissued the remaining treasury shares at $49 per share. Record the necessary entries for these transactions..

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A) An asset account. B) A contra asset account. C) A revenue account. D) A contra equity account. E) A liability account. Please use a separate sheet of paper 10 points Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 100 shares of its common stock on May 1 for $5,000. On July 1 , it reissued 50 of these shares at $52 per share. On August 1 , it reissued the remaining treasury shares at $49 per share. Record the necessary entries for these transactions.

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