Question
Cholla Co. issued 20,000 shares of no-par value common stock at $10 per share. Mr. Ivanhoe, the bookkeeper, recorded the transaction with a $200,000 debit
Cholla Co. issued 20,000 shares of no-par value common stock at $10 per share. Mr. Ivanhoe, the bookkeeper, recorded the transaction with a $200,000 debit to Cash and $200,000 credit to Common Stock. Which of the following statements about this situation is correct?
Multiple Choice
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Total assets will be overstated.
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This entry is correct.
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Total stockholders' equity will be overstated.
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Total liabilities will be understated.
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Nmap 6 Network Exploration And Security Auditing Cookbook
Authors: Calderon Pale Paulino
1st Edition
1849517487, 978-1849517485
