South Beach Apparel issued 15,000 shares of $2 par value stock for $10 per share. What is true about the journal entry to record the issuance? Multiple Choice Credit Common Stock $150,000 Debit Common Stock $30,000 Credit Additional Paid-In Capital $120,000 Credit Cash $150,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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South Beach Apparel issued 15,000 shares of $2 par value stock for $10 per share. What is true about the journal entry to record the issuance?
Multiple Choice
Credit Common Stock $150,000
Debit Common Stock $30,000
Credit Additional Paid-In Capital $120,000
Credit Cash $150,000
Transcribed Image Text:South Beach Apparel issued 15,000 shares of $2 par value stock for $10 per share. What is true about the journal entry to record the issuance? Multiple Choice Credit Common Stock $150,000 Debit Common Stock $30,000 Credit Additional Paid-In Capital $120,000 Credit Cash $150,000
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