Bentiey Corporation received cash from issuing 12,000 shares of common stock at par on January 1, 2018. The stock has a par value of $0.02 per share. Which is the corect journal entry to record this transaction? O A. Cash is credited for $12,000 and Common Stock-$0.02 Par Value is debited for $12.000. O B. Paid - In Capital in Excess of Par-Common is debited for $11,760, and Common Stock-S0.02 Par Value is credied for $11,700. O C. Cash is debited for $240, and Common Stock-$0.02 Par Value is credited for $240. OD. Cash is debited for $12,000, Common Stock-$0.02 Par Value is oredited for $240, and Pald - in Capital in thxcens of Par- Common credited for $11,760

Bentiey Corporation received cash from issuing 12,000 shares of common stock at par on January 1, 2018. The stock has a par value of $0.02 per share. Which is the corect journal entry to record this transaction? O A. Cash is credited for $12,000 and Common Stock-$0.02 Par Value is debited for $12.000. O B. Paid - In Capital in Excess of Par-Common is debited for $11,760, and Common Stock-S0.02 Par Value is credied for $11,700. O C. Cash is debited for $240, and Common Stock-$0.02 Par Value is credited for $240. OD. Cash is debited for $12,000, Common Stock-$0.02 Par Value is oredited for $240, and Pald - in Capital in thxcens of Par- Common credited for $11,760

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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