Homework Answers
Answer : debit paid in capital in excess of par $7000
Explanation
Paid in excess of par =($8-$1)*1000 shares =$7000
Journal entry for the transaction
| Date | general journal | debit | credit |
| Common stock $1*1000 | $1000 | ||
| Paid in capital in excess of par $7*1000 | $7000 | ||
| Paid in capital (we purchase) 2*1000 | $2000 | ||
| Cash $6*1000 | $6000 |
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