Novak Corp. issued 1200 shares of no-par common stock for $22800. Which of the following journal...
Novak Corp. issued 1200 shares of no-par common stock for $22800. Which of the following journal entries would be made if the stock has no stated value?
A
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B
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C
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D
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Homework Answers
Answer is
D.
DR Cash 22800
CR Common Stock - No-Par Value 22800
If the Par Value is not given in the question above entry will be passed as we can not assume any par value in the question. If we do so it will make the entire entry wrong.
If it is clear that there is no par value then cash would be debited and Common Stock would be credited.
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