Question

+ gle- Search Cnow 2 Registration Link - AOC X CengageNOW2 Online teach * CakeAssignment/take Assignment Main.do?invokertakeAssignmentSessionLocatorinprogress=false YouTube Maps > Calculator The Sneed Corporation issues 9,300 shares of $45 par preferred stock for cash at 566 per share. The entry to record the transaction will consist of a debit to Cash for $613,800 and a credit or credits to Oa. Preferred stock for $418,500 and Retained Earnings for $195,300. Ob. Pald-in Capital from Preferred Stock for $613,800. Oc. Preferred stock for $613.200. Od. Preferred stock for $418,500 and Pidin Capital In'Excess of Par Value-Preferred stock for $195,300 --- + + S 9 3 4 5 6 7 8 9 O E R Р T Y U D G H L К.

Answer 1

Solution:

The entry to record the transaction will consist of a debit to cash for $613,800 and credits to "Preferred stock for $418,500 and Paid in capital in excess of par value - Preferred stock for $195,300"

Hence option d is correct.