Our company is authorized to issue 100,000 shares of no par value common stock that...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Our company is authorized to issue 100,000 shares of no par value common stock that has a $1 stated value. On August 21 we issued 20,000 shares for $12 per share. What account(s) and amount(s) would we credit when we record the journal entry for this transaction?
Group of answer choices cash, $240,000 common stock, $100,000; and paid in capital in excess of stated value, $1,100,000 common stock, $20,000; and paid in capital in excess of stated value, $220,000 common stock, $240,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
