Bentiey Corporation received cash from issuing 12,000 shares of common stock at par on January 1, 2018. The stock has a par value of $0.02 per share. Which is the corect journal entry to record this transaction? O A. Cash is credited for $12,000 and Common Stock-$0.02 Par Value is debited for $12.000. O B. Paid - In Capital in Excess of Par-Common is debited for $11,760, and Common Stock-S0.02 Par Value is credied for $11,700. O C. Cash is debited for $240, and Common Stock-$0.02 Par Value is credited for $240. OD. Cash is debited for $12,000, Common Stock-$0.02 Par Value is oredited for $240, and Pald - in Capital in thxcens of Par- Common credited for $11,760
Bentiey Corporation received cash from issuing 12,000 shares of common stock at par on January 1, 2018. The stock has a par value of $0.02 per share. Which is the corect journal entry to record this transaction? O A. Cash is credited for $12,000 and Common Stock-$0.02 Par Value is debited for $12.000. O B. Paid - In Capital in Excess of Par-Common is debited for $11,760, and Common Stock-S0.02 Par Value is credied for $11,700. O C. Cash is debited for $240, and Common Stock-$0.02 Par Value is credited for $240. OD. Cash is debited for $12,000, Common Stock-$0.02 Par Value is oredited for $240, and Pald - in Capital in thxcens of Par- Common credited for $11,760
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education