On May 10, the Martin Corporation issued 2,000 shares of $3.00 par value Common Stock forcash at $15.00 per share. Which of the following statements is true regarding this transaction?A) Cash is debited in the amount of $30,000 and Common Stock is credited for $30,000B) Cash is debited in the amount of $6,000 and Common Stock is credited for $6,000C) Cash is debited in the amount of $30,000 and Common Stock is credited for $6,000D) Cash is debited in the amount of $36,000 and Common Stock is credited for $6,000and Paid-in Capital in excess of par is credited for $30,000

Company means a form of business where the share holder invest money in business in form of shares…

porati 2,000 res of $3.00 par value Common Stock fo cash at $15.00 per share. Which of the following statements is true regarding this transact A) Cash is debited in the amount of $30,000 and Common Stock is credited for $30,000 3) Cash is debited in the amount of $6,000 and Common Stock is credited for $6,000 E) Cash is debited in the amount of $30,000 and Common Stock is credited for $6,000 D) Cash is debited in the amount of $36,000 and Common Stock is credited for $6,000 and Paid-in Capital in excess of par is credited for $30.000

porati 2,000 res of $3.00 par value Common Stock fo cash at $15.00 per share. Which of the following statements is true regarding this transact A) Cash is debited in the amount of $30,000 and Common Stock is credited for $30,000 3) Cash is debited in the amount of $6,000 and Common Stock is credited for $6,000 E) Cash is debited in the amount of $30,000 and Common Stock is credited for $6,000 D) Cash is debited in the amount of $36,000 and Common Stock is credited for $6,000 and Paid-in Capital in excess of par is credited for $30.000

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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