Quiche & Tell, Inc., is authorized to sell 2,000,000, $3 par value common stock. On May 3, it issued 60,000 at $11 each. The journal entry to record the issuance of this stock includes a ______.
a. debit Cash $22,000,000
b. credit Paid-in Capital in Excess of Par $480,000
c. credit Common Stock $660,000
d. debit Cash $660,000
e. credit Common Stock $180,000
f. credit Cash $660,000
g. debit Common Stock $22,000,000
h. credit Common Stock $22,000,000
Answer:
b. credit Paid-in Capital in Excess of Par $480,000
d. debit Cash $660,000
e. credit Common Stock $180,000
Business
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