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When Wisconsin Corporation was formed on January 1, the corporate charter provided for 95,400 shares of $10 par value common stock. During its first month of operation, the corporation issued 8,990 shares of stock at a price of $21 per share. The journal entry for this transaction would include a a. debit to Common Stock for $95,400 b. debit to Cash for $89,900 c. credit to Paid-In Capital in Excess of Par—Common Stock for $98,890 d. credit to Common Stock for $188,790

When Wisconsin Corporation was formed on January 1, the corporate charter provided for 95,400 shares of $10 par value common stock. During its first month of operation, the corporation issued 8,990 shares of stock at a price of $21 per share. The journal entry for this transaction would include a a. debit to Common Stock for $95,400 b. debit to Cash for $89,900 c. credit to Paid-In Capital in Excess of Par—Common Stock for $98,890 d. credit to Common Stock for $188,790

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...
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When Wisconsin Corporation was formed on January 1, the corporate charter provided for 95,400 shares of $10 par value common stock. During its first month of operation, the corporation issued 8,990 shares of stock at a price of $21 per share.

The journal entry for this transaction would include a

a. debit to Common Stock for $95,400
b. debit to Cash for $89,900
c. credit to Paid-In Capital in Excess of Par—Common Stock for $98,890
d. credit to Common Stock for $188,790
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