Nexis Corp. issues 1,980 shares of $10 par value common stock at $16 per share. When the transaction is journalized, credits are made to a. Common Stock, $11,880 and Paid-In Capital in Excess of Stated Value, $19,800. b. Common Stock, $19,800, and Paid-In Capital in Excess of Par—Common Stock, $11,880. c. Common Stock, $11,880 and Retained Earnings, $19,800. d. Common Stock, $31,680.

Nexis Corp. issues 1,980 shares of $10 par value common stock at $16 per share. When the transaction is journalized, credits are made to a. Common Stock, $11,880 and Paid-In Capital in Excess of Stated Value, $19,800. b. Common Stock, $19,800, and Paid-In Capital in Excess of Par—Common Stock, $11,880. c. Common Stock, $11,880 and Retained Earnings, $19,800. d. Common Stock, $31,680.

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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