Identify the account types used in recording transactions related to a stock subscription plan:
Subscriptions Receivable-Common Stock; Common Stock Subscribed, Paid-In Capital in Excess of Par Value-Common, Common Stock, Cash. Also list the financial statement where the accounts are found.
What will be an ideal response?
Answer:
Subscriptions Receivable-Common Stock: current asset, balance sheet
Common Stock Subscribed: stockholders' equity, balance sheet
Paid-In Capital in Excess of Par Value-Common: stockholders' equity, balance sheet
Common Stock: stockholders' equity, balance sheet
Cash: current asset, balance sheet
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