17) When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include: A) A debit to Cash for $25,000. B) A debit to Additional Paid-in Capital for $25,000. C) A credit to Common Stock for $250,000. D) A credit to Additional Paid-in Capital for $225,000.

17) When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include: A) A debit to Cash for $25,000. B) A debit to Additional Paid-in Capital for $25,000. C) A credit to Common Stock for $250,000. D) A credit to Additional Paid-in Capital for $225,000.

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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A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional paid-in capital would be ________. A. $11,985 B. $12,000 C. $15 D. $10,150
A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting journal entry would include which of the following? A. a credit to common stock B. a credit to cash C. a debit to paid-in capital in excess of preferred stock D. a debit to cash
17. When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include: A debit to Cash for $25,000. A. B. C. D. A debit to Additional Paid-in Capital for $25,000. A credit to Common Stock for $250,000. A credit to Additional Paid-in Capital for $225,000.
Which of the following would be included in the entry to record the issuance of 7,000 shares of $4 par value common stock at $27 per share? Cash would be debited for $28,000. Common stock would be debited for $28,000. Common stock would be credited for $189,000. Paid in capital in excess of par-common would be credited for $161,000.
When a company issues 27,000 shares of $5 par value common stock for $50 per share, the journal entry for this issuance would include: Multiple Choice A credit to Common Stock for $1,350,000. A credit to Additional Paid-in Capital for $1,215,000. A debit to Additional Paid-in Capital for $135,000. A debit to Cash for $135,000.
When a company issues 36,000 shares of $4 par value common stock for $40 per share, the journal entry for this issuance would include: Multiple Choice A credit to Additional Paid-in Capital for $1,296,000. A debit to Cash for $144,000. A credit to Common Stock for $1,440,000. A debit to Additional Paid-in Capital for $144,000.
A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional paid-in capital would be ________.
Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. The company then resells 400 of these shares for $20 per share. Which of the following is recorded at the time of the resale? a. Credit Common Stock for $400. b. Credit Treasury Stock for $8,000. c. Credit Common Stock for $8,000. d. Credit Additional Paid-In Capital for $1,600.
Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal entry to record this transaction should include the following: (check all that apply) Select one or more: a. debit "Common Stock" for $20,000. b. credit "Additional Paid-in Capital" for $250,000. c. debit "Cash" for $250,000. d. credit "Additional Paid-in Capital" for $230,000. e. credit "Common Stock" for $20,000. f. credit "Common Stock" for $250,000. g. credit "Additional Paid-in Capital" for $270,000.
If Dakota Company issues 1,100 shares of $6 par common stock for $24,200, a.Cash will be debited for $6,600. b.Common Stock will be credited for $24,200. c.Paid-In Capital in Excess of Par will be credited for $17,600. d.Paid-In Capital in Excess of Par will be credited for $6,600.
Treasury stock that had been purchased for $5,600 last month was reissued this month for $8,500. The journal entry to record the reissuance would include a credit to: a.Paid-In Capital from Sale of Treasury Stock for $2,900 b.Paid-In Capital in Excess of Par-Common Stock for $2,900 c.Paid-In Capital from Sale of Treasury Stock for $8,500 d.Treasury Stock for $8,500
A company issues 10,000 shares of $0.05 par value common stock for $25 per share. Which of the following is recorded at issuance? a. Credit Common Stock for $250,000. b. Credit Additional Paid-In Capital for $250,000. c. Credit Common Stock for $500. d. Credit Additional Paid-In Capital for $500.