Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. (please show work) a corporation sold 11,000 share

(Please show work) A corporation sold 11,000 shares of its $10 par value common stock...

60.1K

Verified Solution

Question

Accounting

(Please show work)

A corporation sold 11,000 shares of its $10 par value common stock at a cash price of $12 per share. The entry to record this transaction would include:

A credit to Contributed Capital in Excess of Par Value, Common Stock, for $132,000.

A debit to Contributed Capital in Excess of Par Value, Common Stock, for $11,000.

A credit to Common Stock for $132,000.

A credit to Common Stock for $110,000.

A debit to Cash for $110,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Your father is 50 years old and will retire in 10 years. He expects to live...

Accounting
Q

18 Which cell part converts chemical energy stored in food into usable energy ATP q...

Biology
Q

Ans 3 28 A tan 5 5 4 A bulb of resistance 10 Q2 connected...

Physics
Q

You spin the spinner once 6 7 5 8 4 2 3 What is P...

Geometry
Q

The cost to attend a public university in a recent year is 14 799 The...

Calculus
Q

Determine whether each ordered pair is a solution of x=7/8y.Is (0,0) a solution of the...

Algebra
Q

On February 12, 2021, Forest Incorporated purchased the right to remove timber from a 27,000-acre...

Accounting
Q

ecation for office equ [AJ debit to Accumulated Depreciatio B] credit to Accumulated Depreciation [C]...

Accounting
Q

Item17 Check my workCheck My Work button is now enabled1 Item 17 Papas Pizza is...

Accounting
Q

Briggs & Stratton Engines Inc. uses the aging approach to estimate bad debt expense at...

Accounting
Q

Do these caculations look correct so far?

Accounting
Q

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash...

Accounting