Office Space, Inc. sold 30,000 shares of its no-par value common stock at a cash price of $10 per share. The entry to record this transaction would be:
A. Debit Cash $30,000; credit Preferred Stock $30,000.
B. Debit Cash $300,000; credit Common Stock $300,000.
C. Debit Cash for $30,000; credit Common Stock $30,000.
D. Debit Common Stock $300,000; credit Cash $300,000.
E. Debit Cash $300,000; credit Preferred Stock $300,000.
Answer: B
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