When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares of $8 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 6,710 shares of stock at a price of $21 per share. The entry to record the above transaction would include a a.debit to Common Stock for $86,000 b.credit to Common Stock for $140,910 c.debit to Cash for $53,680 d.credit to Paid-in Capital in Excess of Par for $87,230
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares of $8 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 6,710 shares of stock at a price of $21 per share. The entry to record the above transaction would include a a.debit to Common Stock for $86,000 b.credit to Common Stock for $140,910 c.debit to Cash for $53,680 d.credit to Paid-in Capital in Excess of Par for $87,230
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares of $8 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 6,710 shares of stock at a price of $21 per share.
The entry to record the above transaction would include a
a.debit to Common Stock for $86,000
b.credit to Common Stock for $140,910
c.debit to Cash for $53,680
d.credit to Paid-in Capital in Excess of Par for $87,230
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