Question

Calculator Alliance Corp. issues 1,920 shares of $10 par value common stock at $15 per share. When the transaction is recorded, what credit entry or entries are made? Select the correct answer. Ocommon Stock $19,200 and Paid-in Capital in excess of Par Value $9,600. O Common Stock $28,800. O Common Stock $9,600 and Retained Earnings $19,200. Ocommon Stock $19,200 ahd Paid-in Capital in Excess of Stated Value $9,600.

Answer 1

Option first is correct

Particulars	Debit($)	Credit($)
Bank A/c....................................................................................Dr. To Common Stock A/c To Paid in capital in excess of par value A/c	28800	19200 9600