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1.The entry to record selling 300 shares of no-par common stock with a stated value of $60 for $70 would be to __________.

A. debit Cash $21,000; credit Common Stock $21,000
 
B. debit Cash $18,000; credit Common Stock $18,000
 
C. debit Cash $21,000; credit Common Stock $18,000; debit Paid-in Capital in Excess of Par Value-Common $3,000
 
A. debit Cash $6,400; credit Common Stock $4,800; credit Paid-in Capital in Excess of Par Value-Common $1,600
 
B. debit Cash $4,800; credit Common Stock $4,800
 
C. debit Cash $6,400; debit Paid-in Capital in Excess of Par Value-Common $1,600; credit Common Stock $8,000
 
D. none of the above
 
A. Paid-in Capital and Retained Earnings
 
B. Stock and Retained Earnings
 
C. Stock, Paid-in Capital, and Retained Earnings
 
D. Authorized Stock and Preferred Stock
A. $0
 
B. $500
 
C. $2,500
 
D.$1100.00
 
 

A. $1,200
 
B. $2,000
 
C. $182
 
D. $600
 

 
A. debit to Equipment for $2,000
 
B. debit to Paid-in Capital in Excess of Par for $400
 
C. credit to Common Stock for $2,400
D. DEBIT TO EQUIPMENT FOR 2400
 
 
 
A. $0
 
B. $800
 
C. $1,818
 

If only one type of stock is issued, it is __________.

A. no-par preferred stock
 
B. preferred stock
 
C. legal capital
 
D. common stock

 

 

 

 

 

 

 

 

D. $600

 
D. debit to Equipment for $2,400
 
 
 
 
 
 
 
 
 
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