The journal entry would be:
Debit: Treasury Stock - $3,300
Credit: Cash - $3,300.
Treasury stock is stock that a company has repurchased from the open market and is no longer considered outstanding. The company holds treasury stock as a way to control the number of shares that are available on the market. Treasury stock is not entitled to any corporate rights, such as dividends or voting rights.
The journal entry for treasury stock is a debit to the treasury stock account and a credit to the cash account. The amount of the debit is the amount paid for the stock. The amount of the credit is the same amount.
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