Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ayayai Corp. issued 15000 shares of stock at a stated value of $10/share. The total issue of stock sold for $15/share. The journal entry to

Ayayai Corp. issued 15000 shares of stock at a stated value of $10/share. The total issue of stock sold for $15/share. The journal entry to record this transaction would include a

credit to Paid-in Capital in Excess of Par Value for $75000.

credit to Common Stock for $150000.

debit to Cash for $150000.

credit to Common Stock for $225000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Robert Hurt

4th Edition

78025885, 78025884, 9781259293795 , 978-0078025884

More Books

Students also viewed these Accounting questions

Question

1. Empirical or factual information,

Answered: 1 week ago

Question

1. To take in the necessary information,

Answered: 1 week ago