Solution-Find which would be included in entry to record

Find which would be included in entry to record the issuance

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Reference no: EM132552684

Question 1: 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?

a. Cash would be debited for $28,000.

b. Common stock would be debited for $28,000.

c. Paid in capital in excess of par-common would be credited for $161,000.

A corporation has the following journal entry recorded on June 15 of the current year:

Question 2: The stock was sold for $20 per share. What is the par of the stock, and how many shares were sold?

- Debit: Cash................................................$76,000

- Credit: Common Stock...................................................$15,200

- Credit: Paid-in Capital in Excess of Par................................$60,800

X. $4 par and 3800 shares

Y. $80 par and 760 shares

Z. $20 par and 3,800 shares

Reference no: EM132552684

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Find which would be included in entry to record the issuance

Reference no: EM132552684

Reference no: EM132552684

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