A journal entry for the sale of $5-par common stock for $15 per share would include a debit to Cash. a debit to Common Stock. a debit to Treasury Stock. a debit to Paid-In Capital in Excess of Par - Common Stock.

A journal entry for the sale of $5-par common stock for $15 per share would include a debit to Cash. a debit to Common Stock. a debit to Treasury Stock. a debit to Paid-In Capital in Excess of Par - Common Stock.

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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Question

A journal entry for the sale of $5-par common stock for $15 per share would include
1. a debit to Cash.
2. a debit to Common Stock.
3. a debit to Treasury Stock.
4. a debit to Paid-In Capital in Excess of Par - Common Stock.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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