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A company issued 1,000 shares of $6 par value preferred stock for $7 per share. What is true about the journal entry to record the
A company issued 1,000 shares of $6 par value preferred stock for $7 per share. What is true about the journal entry to record the issuance?
A. Debit Preferred Stock $7,000
B. Credit Preferred Stock $7,000
C. Credit Additional Paid-In Capital $1,000
D. Credit Cash $7,000
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