Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Yang organized a corporation called Minecraft Games Inc. The corporation was authorized to sell 100,000 shares of $2 par value common stock. On Nov 1,

Yang organized a corporation called Minecraft Games Inc. The corporation was authorized to sell 100,000 shares of $2 par value common stock. On Nov 1, the company issued 10,000 shares of common stock at $10 per share for $100,000 cash. The journal entry to record the transaction would be:

A. Debit Cash $100,000; Credit Common Stock for $20,000 & credit Add'l Paid In Capital for $80,000

B. Debit Common Stock for $100,000; credit Cash for $100,000

C.Debit Cash $100,000; Credit Common Stock for $100,000

D. Debit Cash for $100,000; credit Common Stock for $10 and credit Add'l Paid In Capital for $190,000

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

Risk Based Management Led Audit Driven Safety Management Systems

Authors: Ron C. McKinnon

1st Edition

1498767923, 978-1498767927

More Books

Students also viewed these Accounting questions

Question

=+b. Approximate P(x , 16).

Answered: 1 week ago

Question

Ty e2y Evaluate the integral dy

Answered: 1 week ago