Which of the following journal entries is correct when common stock is initially issued for cash at a price in excess of the stock's stated value? Multiple Choice Account Title Debit Credit Cash XXX Common stock XXX Retained earnings XXX Account Title Debit Credit Cash XXX Common stock XXX Account Title Debit Credit Cash XXX Common stock Gain on sale of stock XXX XXX Cash Account Title Common stock Additional paid-in capital Debit Credit XXX XXX XXX
Which of the following journal entries is correct when common stock is initially issued for cash at a price in excess of the stock's stated value? Multiple Choice Account Title Debit Credit Cash XXX Common stock XXX Retained earnings XXX Account Title Debit Credit Cash XXX Common stock XXX Account Title Debit Credit Cash XXX Common stock Gain on sale of stock XXX XXX Cash Account Title Common stock Additional paid-in capital Debit Credit XXX XXX XXX
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Which of the following journal entries is correct when common stock is initially issued for cash at a price in excess of the stock's stated value?
Multiple Choice
Account Title
Debit
Credit
Cash
XXX
Common stock
XXX
Retained earnings
XXX
Account Title
Debit Credit
Cash
XXX
Common stock
XXX
Account Title
Debit Credit
Cash
XXX
Common stock
Gain on sale of stock
XXX
XXX
Cash
Account Title
Common stock
Additional paid-in capital
Debit Credit
XXX
XXX
XXX
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