Question
If a company issues 1,000 shares of $2 par value common stock at a market price of $30 per share, which of the following is
If a company issues 1,000 shares of $2 par value common stock at a market price of $30 per share, which of the following is the correct balance sheet entry?
| A. | Increase revenues by $30,000 |
| B. | Increase cash by $30,000 and increase contributed capital by $30,000 |
| C. | Increase common stock and cash by $2,000 |
| D. | Increase cash by $30,000 and increase earned capital by $30,000 |
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Cornerstones of Financial Accounting
Authors: Jay Rich, Jeff Jones
4th edition
978-1337690881, 9781337669450, 1337690880, 1337690899, 1337669458, 978-1337690898
