Question

The entry to record selling 400 shares of $28 stated value common stock for $44 per share would include debiting Common Stock for $17,600 crediting Paid-in Capital in Excess of Stated Value for $6,400 crediting Cash for $17,600 O debiting Paid-in Capital in Excess of Stated Value for $6,400

Answer 1

Correct answer---- (B) Crediting Paid in Capital in excess of stated value For $ 6400

Journal entry would as follows

Accounts Title	Debit	Credit	Working
Cash	$ 17600		[Cash received]
Common Stock		$ 11200	[400 shares x $28 stated value per share]
Paid in Capital in excess of stated value		$ 6400	[17600-11200]