A company issued 60 shares.of $100 par value common stock for $7,100 cash. The journal entry to record the issuance is: Multiple Choice Debit Cash $7100, credit Common Stock $7100. Debit Investment in Common Stock $7100; credit Cash $7100 Debit Cash $7100; credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1100. Debit Common Stock $6,000, debit Investment in Common Stock $1100; credit Cash $7100. Debit Cash $7100; credit Paid-in Capital in Excess of Par Value, CommorStock $6.000, credit Common Stock $1,100

A company issued 60 shares.of $100 par value common stock for $7,100 cash. The journal entry to record the issuance is: Multiple Choice Debit Cash $7100, credit Common Stock $7100. Debit Investment in Common Stock $7100; credit Cash $7100 Debit Cash $7100; credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1100. Debit Common Stock $6,000, debit Investment in Common Stock $1100; credit Cash $7100. Debit Cash $7100; credit Paid-in Capital in Excess of Par Value, CommorStock $6.000, credit Common Stock $1,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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