🎁BACK-TO-SCHOOL DEAL. Subscribe Now to get 40% OFF at only 8.49 USD/month, only valid until Sep 30th, 2024

Question

Question
A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction? Debit cash $10, credit capital stock $10 Debit cash $100,000, credit capital stock $100,000 Debit cash $10,000, credit capital stock $10,000 Debit cash $100,000, credit treasury stock $100,000 Debit capital stock $100,000, credit cash $100,000

Asked By SilentStorm57 at

Answered By Expert

Spencer

Expert · 4.8k answers · 4k people helped

Sign in to see the answer

Answer: debit cash $100,000 and credit capital stock $100,000.

If the company sells the common stock at the price of its par value or stated value, it can make the journal entry by debiting the cash account and crediting the common stock account.

🧑‍🏫 More Questions

hapter 11 Question 85 ▼ Part A Provide the major organic product of the following. CH3 SOCl2 HC OH Draw the molecule on the canvas by choosing buttons from th by default. 115 2D [곯 Marvi IS

Spell out the full name of the compound. Spell out the full name of the compound.

Answer the questions with words recursion or mutual recursion. (Copy and paste, no excuse for misspelling) 1. Function A calls function A. This is called: 2. Function A calls function B, then B calls A. This is called:

A B. 51 Red Yes 52 Red Yes 53 Red Yes 54 Blue No 55 Red Yes a Image not displaying? =IFNA(A51="Red","Yes","No") O=COUNTIF(A51="Red", "Yes","No") =SUMIF(A51="Red", "Yes","No") O=IF(A51="Red", "Yes","No") =SHOWIF(A51="Red", "Yes","No") E F Staff ID 19106 D 42 Conference Room Location 43 D East 44 C North 45 A South 46 E South 47 B South 48 49 =$D$44 19122 19107 19104 19147 Image not displaying? O C, North, 19122 O CA, E Ос, С, С C, South, South O C, South, 19104

eBook Annual revenue for Corning Supplies grew by 5.5% in 2007; 1.1% in 2008; -3.5% in 2009; -1.1% in 2010; and 1.8% in 2011. What is the mean growth annual rate over this period? Round your answer to four decimal places. Do not round intermediate calculations. % Hide Feedback Incorrect