Question
South Beach Apparel issued 11,000 shares of $4 par value stock for $20 per share. What is true about the journal entry to record the
South Beach Apparel issued 11,000 shares of $4 par value stock for $20 per share. What is true about the journal entry to record the issuance?
Multiple Choice
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Credit Common Stock $220,000
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Debit Common Stock $44,000
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Credit Additional Paid-In Capital $176,000
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Credit Cash $220,000
A company issued 1,900 shares of $3 par value preferred stock for $4 per share. What is true about the journal entry to record the issuance?
Multiple Choice
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Credit Additional Paid-In Capital $1,900
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Debit Preferred Stock $7,600
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Credit Cash $7,600
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Credit Preferred Stock $7,600
On February 22, Brett Corporation acquired 200 shares of its $4 par value common stock for $23 each. On March 15, the company resold 64 shares for $27 each. What is true of the entry for reselling the shares?
Multiple Choice
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Credit Treasury Stock $1,728
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Credit Cash $1,472
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Credit Additional Paidin Capital $256
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Debit Treasury Stock $1,472
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