Assume a corporation receives subscriptions for 8,000 of its $4 par common stock for $50,000 . What is the appropriate journal entry?
a. Common Stock Subscriptions Receivable is debited $50,000, Common Stock Subscribed is credited $32,000 and Paid-in Capital in Excess of Par-Common Stock is credited $18,000.
b. Common Stock Subscribed is debited $32,000, Paid-in Capital in Excess of Par-Common Stock is debited $18,000 and Common Stock Subscriptions Receivable is credited $50,000.
c. Common Stock Subscriptions Receivable is debited $32,000, Accounts Receivable is debited $18,000 and Common Stock Subscribed is credited $50,000.
d. Common Stock Subscriptions Receivable is debited $18,000, Accounts Receivable is debited $32,000 and Common Stock Subscribed is credited $50,000.
e. Common Stock Subscriptions Receivable is debited $50,000, Common Stock Subscribed is credited $32,000 and Subscriptions Revenue is credited $18,000.
a
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