Homework Answers
| Answer | ||
| The correct option is C : Paid in capital in excess of par is credited for $3,000 | ||
| Explanation / Working | ||
| General Journal | Debit | Credit |
| Cash (1000*8) | $ 8,000 | |
| Common stock (1000*5) | $ 5,000 | |
| Paid in capital in excess of par-Common stock ( 1000*(8-5) | $ 3,000 | |
| (To record issue of common stock) | ||
Therefore ,
Option C is correct.
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