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.
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.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 4MC
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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:
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