Kunze Corporation has $1 par value Common Stock with 100,000 shares authorized and 25,000 shares issued. The journal entry to record Kunne's purchase of 3,000 shares of common stock at $5 per share would be OA debit Cash for $15,000, credit Common Stock for $3,000 and credit Paid-in Capital in Excess of Par-Common for $12.000. OB. debit Common Stock for $3,000, debit Paid-in Capital in Excess of Par-Common for 12.000 and credit Cash for $15,000. OC. debit Common Stock for $15,000 and credit Cash for $15,000 OD. debit Treasury Stock for $15,000 and credit Cash for $15,000

Kunze Corporation has $1 par value Common Stock with 100,000 shares authorized and 25,000 shares issued. The journal entry to record Kunne's purchase of 3,000 shares of common stock at $5 per share would be OA debit Cash for $15,000, credit Common Stock for $3,000 and credit Paid-in Capital in Excess of Par-Common for $12.000. OB. debit Common Stock for $3,000, debit Paid-in Capital in Excess of Par-Common for 12.000 and credit Cash for $15,000. OC. debit Common Stock for $15,000 and credit Cash for $15,000 OD. debit Treasury Stock for $15,000 and credit Cash for $15,000

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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