14)If Mande Corp issues 7,000 shares of $30 par value common stock for $240,000, the account a)Common Stock will be debited for $210,000. b)Cash will be debited for $210,000. c)Paid-in Capital in Excess of Par Value will be credited for $180,000. d)Paid-in Capital in Excess of Par Value will be credited for $30,000.
14)If Mande Corp issues 7,000 shares of $30 par value common stock for $240,000, the account a)Common Stock will be debited for $210,000. b)Cash will be debited for $210,000. c)Paid-in Capital in Excess of Par Value will be credited for $180,000. d)Paid-in Capital in Excess of Par Value will be credited for $30,000.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 11MC: A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional...
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14)If Mande Corp issues 7,000 shares of $30 par value common stock for $240,000, the account
a)Common Stock will be debited for $210,000.
b)Cash will be debited for $210,000.
c)Paid-in Capital in Excess of Par Value will be credited for $180,000.
d)Paid-in Capital in Excess of Par Value will be credited for $30,000.
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