Paltrowski Company issued 1 million shares of no- par common stock with a stated value of $5. The issue price was $50 per share. Which journal entry is prepared? O A. debit Cash $50 million and credit Common Stock $50 million B. debit Cash $50 million, credit Common Stock $5 million and credit Paid- in Capital in Excess of Stated Value-Common $45 million OC. debit Cash $50 million and credit Retained Earnings $50 million OD. debit Cash $50 million, credit Common Stock $5 million and credit Paid - in Capital in Excess of Par-Common $45 million

Paltrowski Company issued 1 million shares of no- par common stock with a stated value of $5. The issue price was $50 per share. Which journal entry is prepared? O A. debit Cash $50 million and credit Common Stock $50 million B. debit Cash $50 million, credit Common Stock $5 million and credit Paid- in Capital in Excess of Stated Value-Common $45 million OC. debit Cash $50 million and credit Retained Earnings $50 million OD. debit Cash $50 million, credit Common Stock $5 million and credit Paid - in Capital in Excess of Par-Common $45 million

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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