Peebles Company Purchased 1,000 Shares of Its Own £5 Par

Multiple Choice

Peebles Company purchased 1,000 shares of its own £5 par value ordinary shares, paying £14 per share.The shares were originally sold for £9 each.The journal entry to record the purchase of treasury shares includes a debit to

A) Share Capital-Ordinary for £5,000.
B) Treasury Shares for £14,000.
C) Share Premium-Ordinary for £4,000.
D) Retained Earnings for £5,000.