If Sheffield Company issues 5300 shares of $5 par value common stock for $189000. Cash will...

Question

Question

If Sheffield Company issues 5300 shares of $5 par value common stock for $189000.

Cash will be debited for $162500.

Paid-In Capital in Excess of Par will be credited for $162500.

Common Stock will be credited for $189000.

Paid-In Capital in Excess of Par will be credited for $26500.

Answer 1

Answer #1

Journal:

Cash a/c...Dr $189000

To common stock $26500 (5300 shares of $5 each)

To Paid-In Capital in Excess of Par $162500

Hence the correct option is:

Paid-In Capital in Excess of Par will be credited for $162500

Answer 2

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