Abdulla Co. issues 4,000 shares of $90 par value preferred stock for cash at $100 per share. Choose the right journal entry related to the issuance of the preferred stock: Multiple Choice cash $400,000 (debit), preferred stock $400,000 (credit) preferred stock $460,000 (debit), paid in capital $40,000 (debit), cash $500,000 (credit) cash $500,000 (debit), preferred stock $460,000 (credit), paid in capital $40,000 (credit) cash $400,000 (debit), preferred stock $360,000 (credit), paid in capital $40,000 (credit)
Abdulla Co. issues 4,000 shares of $90 par value preferred stock for cash at $100 per share. Choose the right journal entry related to the issuance of the preferred stock: Multiple Choice cash $400,000 (debit), preferred stock $400,000 (credit) preferred stock $460,000 (debit), paid in capital $40,000 (debit), cash $500,000 (credit) cash $500,000 (debit), preferred stock $460,000 (credit), paid in capital $40,000 (credit) cash $400,000 (debit), preferred stock $360,000 (credit), paid in capital $40,000 (credit)
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...
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Abdulla Co. issues 4,000 shares of $90 par value
Multiple Choice
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cash $500,000 (debit), preferred stock $460,000 (credit), paid in capital $40,000 (credit)
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