A corporation issues 6,000 shares of $5 par value commonstock for $8 cash per share. The entry to record this transactionincludesa. A debit to Paid-In Capital in Excess of Par Value for$18,000.b. A credit to Common Stock for $48,000.c. A credit to Paid-In Capital in Excess of Par Value for$30,000.d. A credit to Cash for $48,000.e. A credit to Common Stock for $30,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A corporation issues 6,000 shares of $5 par value common
stock for $8 cash per share. The entry to record this transaction
includes
a. A debit to Paid-In Capital in Excess of Par Value for
$18,000.
b. A credit to Common Stock for $48,000.
c. A credit to Paid-In Capital in Excess of Par Value for
$30,000.
d. A credit to Cash for $48,000.
e. A credit to Common Stock for $30,000.

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