The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per...
The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per share. The journal entry to record this transaction is
Select one:
a.
Debit:
Cash
640,000
Credit: Common
Stock
400,000
Credit: Paid-in Capital in Excess of Stated
Value
240,000
b.
Debit:
Cash
640,000
Credit: Common
Stock
640,000
c.
Debit:
Cash
640,000
Credit: Common
Stock
400,000
Credit: Paid-in Capital in Excess of Par
Value
240,000
Homework Answers
Answer- The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per share. The journal entry to record this transaction is=
| Transaction | Accounts Titles & Explanation | Debit | Credit |
| $ | $ | ||
| 1 | Cash (20000 shares*$32 per share) | 640000 | |
| Common stock (20000 shares*$20 per share) | 400000 | ||
| Paid-in-capital in Excess of Stated Value | 240000 | ||
| (Being entry recorded for issuance of common stock) |
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