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Stock Issuance

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A new corporation issuing a common, no-par value stock for cash would include a journal entry a debit to _____.

A. paid-in capital and a credit to retained earnings.
B. cash and a credit to common stock.
C. retained earnings and a credit to cash.
D. cash and a credit to retained income.

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Solution Summary

This solution analyzes the journal entry required for issuing no-par value stock for cash.

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Since the stock is issued for cash there is a cash receipt which is ...

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