Dewey, Cheatem & Howe, Inc., received cash from selling 500 shares of its $0.50 par value common stock at $12 per share. What happens to assets?
A. 0 No Effect
B. (6,000) Common Stcok
C. 250 Common Stock
D. 6,000 Common Stock
E. 250 Common Stock; 5,750 Paid-in Capital in Excess of Par
F. 5,750 Common Stock; 250 Paid-in Capital in Excess of Par
G. (250) Common Stock; (5,750) Paid-in Capital in Excess of Par
H. 6,000 Sales Revenue
I. 6,000 Cash
J. 250 Cash
K. (6,000) Cash
Ans: I. 6,000 Cash
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