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Richie Company's common stock has a par value of $1.00 per share. The company issues 8,000 shares at $4 per share on January 30 of the current year. Which is the correct journal entry to record this transaction?

Richie Company's common stock has a par value of $1.00 per share. The company issues 8,000 shares at $4 per share on January 30 of the current year. Which is the correct journal entry to record this transaction?

FINANCIAL ACCOUNTING
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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Richie Company's common stock has a par value of $1.00 per share. The company issues 8,000 shares at $4 per share on January 30 of the current year. Which is the correct journal entry to record this transaction? Common Stock - $1.00 Par Value Paid-in Capital in Excess of Par - Common Cash Cash Common Stock - $1.00 Par Value Paid-in Capital in Excess of Par - Common Cash Common Stock - $1.00 Par Value Paid-in Capital in Excess of Par - Common Common Stock - $1.00 Par Value Paid-in Capital in Excess of Par - Common Cash 8,000 24,000 32,000 32,000 24,000 8,000 32,000 24,000 8,000 8,000 24,000 32,000
Transcribed Image Text:Richie Company's common stock has a par value of $1.00 per share. The company issues 8,000 shares at $4 per share on January 30 of the current year. Which is the correct journal entry to record this transaction? Common Stock - $1.00 Par Value Paid-in Capital in Excess of Par - Common Cash Cash Common Stock - $1.00 Par Value Paid-in Capital in Excess of Par - Common Cash Common Stock - $1.00 Par Value Paid-in Capital in Excess of Par - Common Common Stock - $1.00 Par Value Paid-in Capital in Excess of Par - Common Cash 8,000 24,000 32,000 32,000 24,000 8,000 32,000 24,000 8,000 8,000 24,000 32,000
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