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If Dakota company issues 1500 shares of six dollar par common stock for $75,000, which of the following would be true? A) Common stock will be credited for 75,000 B) Paid in capital in excess of power will be credited for 9000 C) Paid in capital in excess of power will be credited for 66,000 D) Cash will be debited for 66,000

If Dakota company issues 1500 shares of six dollar par common stock for $75,000, which of the following would be true? A) Common stock will be credited for 75,000 B) Paid in capital in excess of power will be credited for 9000 C) Paid in capital in excess of power will be credited for 66,000 D) Cash will be debited for 66,000

Accounting
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 13.7EX: Issuing stock Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and...
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If Dakota company issues 1500 shares of six dollar par common stock for $75,000, which of the following would be true? A) Common stock will be credited for 75,000 B) Paid in capital in excess of power will be credited for 9000 C) Paid in capital in excess of power will be credited for 66,000 D) Cash will be debited for 66,000
Question 40 If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, Common Stock will be credited for $75,000 O Paid-In Capital in Excess of Par will be credited for $9,000 Paid-In Capital in Excess of Par will be credited for $66,000 Cash will be debited for $66,000 Question 41
Transcribed Image Text:Question 40 If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, Common Stock will be credited for $75,000 O Paid-In Capital in Excess of Par will be credited for $9,000 Paid-In Capital in Excess of Par will be credited for $66,000 Cash will be debited for $66,000 Question 41
Expert Solution
Step 1

Introduction:

Journals:

Recording of a business transactions in a chronological order.

First step in the preparation of final accounts is recording journals.

 

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ISBN:
9781337272094
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WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
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