Which of the following would be included in the entry to record the issuance of 5,000 shares of $10 par value common stock at $13 per share cash?
A)Cash would be debited for $65,000.
B)Common Stock would be debited for $50,000.
C)Common Stock would be credited for $65,000.
D)Paid-In Capital in Excess of Par-Common would be debited for $15,000.

Question

Quizplus · Accepted Answer

When 5,000 shares are issued at $13 per share, cash is received for $65,000 (5,000 shares x $13), so Cash is debited for $65,000.

Which of the Following Would Be Included in the Entry