When Wisconsin Corporation was formed on January 1, the corporate charter provided for 99,900 shares of $10 par value common stock. During its first month of operation, the corporation issued 7,520 shares of stock at a price of $25 per share. The journal entry for this transaction would include a a. credit to Paid-In Capital in Excess of Par—Common Stock for $112,800 b. debit to Cash for $75,200 c. debit to Common Stock for $99,900 d. credit to Common Stock for $188,000
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 99,900 shares of $10 par value common stock. During its first month of operation, the corporation issued 7,520 shares of stock at a price of $25 per share. The journal entry for this transaction would include a a. credit to Paid-In Capital in Excess of Par—Common Stock for $112,800 b. debit to Cash for $75,200 c. debit to Common Stock for $99,900 d. credit to Common Stock for $188,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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When Wisconsin Corporation was formed on January 1, the corporate charter provided for 99,900 shares of $10 par value common stock. During its first month of operation, the corporation issued 7,520 shares of stock at a price of $25 per share.
The
a. credit to Paid-In Capital in Excess of Par—Common Stock for $112,800
b. debit to Cash for $75,200
c. debit to Common Stock for $99,900
d. credit to Common Stock for $188,000
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