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A corporation issued 5,000 shares of its $10 par value common stock. These shares were issued at a price of $25 per share. The correct journal entry to record this transaction is: Cash $125,000 Dr; Common stock $125,000 Cr. O Cash $50,000 Dr; Common stock $50,000 Cr. Common stock $50,000 Dr, Additional paid-in capital - common stock $75,000 Dr; Cash $125,000 Cr. O Cash $125,000 Dr; Common stock $50,000 Cr, Additional paid-in capital - common stock $75,000 Cr.

A corporation issued 5,000 shares of its $10 par value common stock. These shares were issued at a price of $25 per share. The correct journal entry to record this transaction is: Cash $125,000 Dr; Common stock $125,000 Cr. O Cash $50,000 Dr; Common stock $50,000 Cr. Common stock $50,000 Dr, Additional paid-in capital - common stock $75,000 Dr; Cash $125,000 Cr. O Cash $125,000 Dr; Common stock $50,000 Cr, Additional paid-in capital - common stock $75,000 Cr.

FINANCIAL ACCOUNTING
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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A corporation issued 5,000 shares of its $10 par value common stock. These shares were issued at a price of $25 per share. The correct journal entry to record this transaction is: Cash $125,000 Dr; Common stock $125,000 Cr. O Cash $50,000 Dr; Common stock $50,000 Cr. Common stock $50,000 Dr; Additional paid-in capital - common stock $75,000 Dr; Cash $125,000 Cr. O Cash $125,000 Dr; Common stock $50,000 Cr; Additional paid-in capital - common stock $75,000 Cr.
Transcribed Image Text:A corporation issued 5,000 shares of its $10 par value common stock. These shares were issued at a price of $25 per share. The correct journal entry to record this transaction is: Cash $125,000 Dr; Common stock $125,000 Cr. O Cash $50,000 Dr; Common stock $50,000 Cr. Common stock $50,000 Dr; Additional paid-in capital - common stock $75,000 Dr; Cash $125,000 Cr. O Cash $125,000 Dr; Common stock $50,000 Cr; Additional paid-in capital - common stock $75,000 Cr.
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