If Company issues 3,000 shares of $8 par common stock for $51,000, a. Common Stock will be credited for $51,000. b. Paid-In Capital in Excess of Par will be credited for $27,000. c. Cash will be debited for $24,000. d. Paid-In Capital in Excess of Par will be credited for $24,000.

If Company issues 3,000 shares of $8 par common stock for $51,000, a. Common Stock will be credited for $51,000. b. Paid-In Capital in Excess of Par will be credited for $27,000. c. Cash will be debited for $24,000. d. Paid-In Capital in Excess of Par will be credited for $24,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

If Company issues 3,000 shares of $8 par common stock for $51,000,

a. Common Stock will be credited for $51,000.

b. Paid-In Capital in Excess of Par will be credited for $27,000.

c. Cash will be debited for $24,000.

d. Paid-In Capital in Excess of Par will be credited for $24,000.

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