Wright Inc. issued 20,000 shares of $1 par value common stock for $80,000. The journal entry to record this issuance includes a:
A. Credit to Cash for $80,000.
B. Credit to Common Stock for $80,000.
C. Credit to Common Stock for $20,000.
D. Debit to Additional Paid-In Capital for $60,000.
Answer: C
You might also like to view...
Which of the following funds should use the accrual basis of accounting?
A. Enterprise and private-purpose trust funds. B. Permanent funds and internal service funds. C. Special revenue and capital projects funds. D. Debt service and agency funds.
A buyer who does not cover is precluded from consequential damages that could have been prevented if the buyer did obtain cover
a. True b. False Indicate whether the statement is true or false
What is a fee simple? What is a life estate? If Maurice grants a life estate to his wife, what interest does he retain?
Explain.
Pay ranges for managerial jobs are larger than ranges for other jobs because these jobs have greater opportunity for both discretion and performance than lower-level jobs.
Answer the following statement true (T) or false (F)