Bentley Corporation received cash from issuing 17,000 shares of common stock at par on January 1, 2018. The stock has a par value of $0.05 per share. Which is the correct journal entry to record this transaction?
A) Cash is debited for $850, and Common Stock—$0.05 Par Value is credited for $850.
B) Cash is credited for $17,000 and Common Stock—$0.05 Par Value is debited for $17,000.
C) Paid-In Capital in Excess of Par—Common is debited for $16,150, and Common Stock—$0.05 Par Value is credited for $16,150.
D) Cash is debited for $17,000, Common Stock—$0.05 Par Value is credited for $850, and Paid-In Capital in Excess of Par-Common credited for $16,150.
A) Cash is debited for $850, and Common Stock—$0.05 Par Value is credited for $850.
You might also like to view...
Which of the following reports is an example of an informational report?
A) A report that recommends one of six candidates for an executive assistant position B) A report that compares three sites for a new clothing boutique location and recommends one C) A report showing how a company has complied with IRS regulations D) A report that presents several alternatives for decreasing employee absenteeism, including recommendations for the best solution
If a company has current assets of $18,180 and current liabilities of $10,100. Its current ratio is 1.8.
Answer the following statement true (T) or false (F)
A problem associated with ____ is that consumers can predict when prices will be lowered and delay purchases until that time.
A. random discounting B. penetration pricing C. reference pricing D. everyday low pricing E. periodic discounting
One of the strengths of EC is the ease with which its adopters can reach a global population of consumers. However, EC-driven businesses must consider the critical elements affecting the value of EC across cultures
These elements include each of the following except A) delivery delays. B) perceived trust. C) consumer loyalty. D) political influences.