Wildhorse Co. issued 500 shares of no-par common stock for $3500. Which of the following journal...
Wildhorse Co. issued 500 shares of no-par common stock for $3500. Which of the following journal entries would be made if the stock has stated value of $2 per share?
A
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B
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C
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D
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Homework Answers
Solution:
| Wildhorse Co | |||
| Journal Entries | |||
| Event | Particulars | Debit | Credit |
| 1 | Cash Dr | $3,500.00 | |
| To Common stock | $1,000.00 | ||
| To Paid in capital in excess of stated value | $2,500.00 | ||
| (to record issue of common stock) |
Hence option B is correct.
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