Community Growers Group issued 17,000 shares of $1 par common stock for cash of $50 per...
Community Growers Group issued 17,000 shares of $1 par common stock for cash of $50 per share. Which ONE of the following should be included in the journal entry necessary to record the issuance of these shares?
CREDIT Common Stock at Par for $850,000
CREDIT Paid-in Capital in Excess of Par for $17,000
CREDIT Cash for $850,000
CREDIT Common Stock at Par for $17,000
CREDIT Paid-in Capital in Excess of Par for $850,000Homework Answers
| The journal entry to record the issuance is: | |||
| Debit | Credit | ||
| Cash | 850000 | =17000*50 | |
| Common Stock at Par | 17000 | =17000*1 | |
| Paid-in Capital in Excess of Par | 833000 | ||
| CREDIT Common Stock at Par for $17,000 | |||
| Option D is correct | |||
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