If Dakota company issues 1500 shares of six dollar par common stock for $75,000, which of the following would be true?A) Common stock will be credited for 75,000B) Paid in capital in excess of power will be credited for 9000C) Paid in capital in excess of power will be credited for 66,000D) Cash will be debited for 66,000 Question 40If Dakota Company issues 1,500 shares of $6 par common stock for $75,000,Common Stock will be credited for $75,000O Paid-In Capital in Excess of Par will be credited for $9,000Paid-In Capital in Excess of Par will be credited for $66,000Cash will be debited for $66,000Question 41

Answered: If Dakota company issues 1500 shares of…

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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If Dakota company issues 1500 shares of six dollar par common stock for $75,000, which of the following would be true? A) Common stock will be credited for 75,000 B) Paid in capital in excess of power will be credited for 9000 C) Paid in capital in excess of power will be credited for 66,000 D) Cash will be debited for 66,000

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Step 1

Introduction:

Journals:

Recording of a business transactions in a chronological order.

First step in the preparation of final accounts is recording journals.

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