1.Our company is authorized to issue 100,000 shares of no par value common stock. On August 21 we issued 20,000 shares for $11 per share. What account(s) and amount(s) would we debit when we record the journal entry for this transaction?

a. , $220,000

b. common stock, $220,000

c. common stock, $1,100,000

d. cash, $1,100,000

2.Our company is authorized to issue 100,000 shares of no par value common stock. On August 21 we issued 20,000 shares for $11 per share. What account(s) and amount(s) would we credit when we record the journal entry for this transaction?

a. cash, $220,000

b. common stock, $220,000

c. common stock, $1,100,000

d. cash, $1,100,000

3.Our company originally issued 1,000 shares of $1 par value common stock for $9 per share. We repurchased 200 shares of the stock as treasury stock for $10 per share. On September 5, we sold 100 shares of treasury stock for $12 per share. What account(s) and amount(s) would we credit when we record the journal entry for the September 5 transaction?

a. cash, $1,200

b. treasury stock, $1,000; and paid in capital from treasury stock, $200

c. treasury stock, $1,000

d. cash, $1,000