ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correc?

ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?

A.

Cash $100

Common Stock $100

B.

Cash $500

Common Stock $500

C.

Cash $500

Paid-in Capital, Excess of Par $400

Common Stock $100

D.

Cash $100

Paid-in Capital, Excess of Par $400

Common Stock $500

5 Answers

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  • Coco
    Lv 7
    7 years ago
    Favorite Answer

    C.

    Cash $500

    Paid-in Capital, Excess of Par $400

    Common Stock $100

    Dr Cash 500 ($1 x 500)

    Cr Common Stock 100 ($1 x 100)

    Cr Paid-in-Capital, Excess of Par 400 ($500 - 100)

  • 6 years ago

    C. Cash $500, Paid-in-Capital, Excess of Par 400, Common Stock $ 500

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  • Anonymous
    6 years ago

    Ehm..

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  • 5 years ago

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  • 6 years ago
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