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 a. Debit Cash $100 and credit Common stock $100. b. Credit Cash $10,000 and debit Common stock $10,000 c. Debit Cash $10,000, credit Common stock $100, and credit Paid-in capital $9,900. d. Debit Paid-in capital $9,900, and credit Common stock $9,900

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 a. Debit Cash $100 and credit Common stock $100. b. Credit Cash $10,000 and debit Common stock $10,000 c. Debit Cash $10,000, credit Common stock $100, and credit Paid-in capital $9,900. d. Debit Paid-in capital $9,900, and credit Common stock $9,900

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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