Question
Velesaca Inc. issues 6,000 shares of common stock for $96,000. The stock has a stated value of $4 per share. The journal entry to record
Velesaca Inc. issues 6,000 shares of common stock for $96,000. The stock has a stated value of $4 per share. The journal entry to record the stock issuance would include a:
| a. | credit to Common Stock for $24,000 | |
| b. | credit to Cash for $96,000 | |
| c. | credit to Paid-In Capital in Excess of Par for $24,000 | |
| d. | credit to Common Stock for $96,000 |
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
