Which of the following would be included in the entry to record the issuance of 7,000 shares of $4 par value common stock at $27 per share? Cash would be debited for $28,000. Common stock would be debited for $28,000. Common stock would be credited for $189,000. Paid in capital in excess of par-common would be credited for $161,000.
Which of the following would be included in the entry to record the issuance of 7,000 shares of $4 par value common stock at $27 per share? Cash would be debited for $28,000. Common stock would be debited for $28,000. Common stock would be credited for $189,000. Paid in capital in excess of par-common would be credited for $161,000.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 5MCQ
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Which of the following would be included in the entry to record the issuance of 7,000 shares of $4 par value common stock at $27 per share?
Cash would be debited for $28,000.
Common stock would be debited for $28,000.
Common stock would be credited for $189,000.
Paid in capital in excess of par-common would be credited for $161,000.
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