Bradley Corporation issued 10,000 shares of common stock on January 1, 2013. The stock has par value of $0.01 per share and was sold for cash at par. The journal entry to record this transaction would O a. Debit Cash $10,000, credit Common stock $100, and credit Paid-in capital $9,900. O b. Debit Paid-in capital $9,900, and credit Common stock $9,900 O c. Credit Cash $10,000 and debit Common stock $10,000 O d. Debit Cash $100 and credit Common stock $100.
Bradley Corporation issued 10,000 shares of common stock on January 1, 2013. The stock has par value of $0.01 per share and was sold for cash at par. The journal entry to record this transaction would O a. Debit Cash $10,000, credit Common stock $100, and credit Paid-in capital $9,900. O b. Debit Paid-in capital $9,900, and credit Common stock $9,900 O c. Credit Cash $10,000 and debit Common stock $10,000 O d. Debit Cash $100 and credit Common stock $100.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 5MCQ
Related questions
Question
![Bradley Corporation issued 10,000 shares of
common stock on January 1, 2013. The stock has
par value of $0.01 per share and was sold for
cash at par. The journal entry to record this
transaction would
O a. Debit Cash $10,000, credit Common
stock $100, and credit Paid-in capital
$9,900.
O b. Debit Paid-in capital $9,900, and credit
Common stock $9,900
O c. Credit Cash $10,000 and debit Common
stock $10,000
O d. Debit Cash $100 and credit Common
stock $100.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faeeb4c0c-604e-4352-84d4-90b7a9bcbe0b%2Fc1045075-09e1-44d5-9b6c-00413fb32ab1%2Fo534zsm_processed.png&w=3840&q=75)
Transcribed Image Text:Bradley Corporation issued 10,000 shares of
common stock on January 1, 2013. The stock has
par value of $0.01 per share and was sold for
cash at par. The journal entry to record this
transaction would
O a. Debit Cash $10,000, credit Common
stock $100, and credit Paid-in capital
$9,900.
O b. Debit Paid-in capital $9,900, and credit
Common stock $9,900
O c. Credit Cash $10,000 and debit Common
stock $10,000
O d. Debit Cash $100 and credit Common
stock $100.
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