A corporation issues 6,000 shares of $5 par value common stock for $8 cash per share. The

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A corporation issues 6,000 shares of $5 par value common stock for $8 cash per share. The entry to record this transaction includes:

a. A debit to Paid-In Capital in Excess of Par Value for $18,000.

b. A credit to Common Stock for $48,000.

c. A credit to Paid-In Capital in Excess of Par Value for $30,000.

d. A credit to Cash for $48,000.

e. A credit to Common Stock for $30,000.

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Fundamental Accounting Principles Volume 2

ISBN: 9780077716660

21st Edition

Authors: John Wild, Ken Shaw, Barbara Chiappetta

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Question Posted: Jul 15, 2024 10:09 AM

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A corporation issues 6,000 shares of $5 par value common stock for $8 cash per share. The

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Fundamental Accounting Principles Volume 2

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