National Spirit Inc. issues 270,000 common shares for $5 per share. The journal entry is: O A. O B. O C. O D. Cash Common Shares Cash Common Shares Accounts Cash Gain on the sale of Shares Accounts Accounts Cash Common Shares Accounts Common Shares Contributed Surplus on Common Shares Debit 1,350,000 Debit 1,350,000 Debit 270,000 Debit 1,350,000 Credit 1,350,000 Credit 270,000 1,080,000 Credit 270,000 Credit 540,000 810,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
National Spirit Inc. issues 270,000 common shares for $5 per share. The journal entry is:
O A.
O B.
O C.
O D.
Cash
Common Shares
Cash
Common Shares
Accounts
Cash
Gain on the sale of Shares
Accounts
Accounts
Cash
Common Shares
Accounts
Common Shares
Contributed Surplus on Common Shares
Debit
1,350,000
Debit
1,350,000
Debit
270,000
Debit
1,350,000
Credit
1,350,000
Credit
270,000
1,080,000
Credit
270,000
Credit
540,000
810,000
Transcribed Image Text:National Spirit Inc. issues 270,000 common shares for $5 per share. The journal entry is: O A. O B. O C. O D. Cash Common Shares Cash Common Shares Accounts Cash Gain on the sale of Shares Accounts Accounts Cash Common Shares Accounts Common Shares Contributed Surplus on Common Shares Debit 1,350,000 Debit 1,350,000 Debit 270,000 Debit 1,350,000 Credit 1,350,000 Credit 270,000 1,080,000 Credit 270,000 Credit 540,000 810,000
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education