Journalizing Stock Transactions
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Journal entry to issue 100,000 shares of $5 par common stock for $7.00 per share on March 2nd would be
a) Cash 700,000
Common stock 500,000
Paid in capital in excess of par-c/s 200,000
b) Cash 500,000
Common Stock 500,000
c) Cash 500,000
paid in capital in excess of par-c/s 200,000
Common stock 500,000
d) Cash 100,000
Common stock 100,000
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Solution Summary
The solution shows the correct choice in a multiple choice question about journalizing the issuance of stock above par value with an explanation.
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Hello
The correct answer is:
a) Cash 700,000
Common stock ...
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