A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is: 

Debit to Cash $7,000 and credit to Common Stock $7,000

Debit to Investment in Common Stock $7,000 and credit to Cash $7,000

Debit to Cash $7,000, credit to Common Stock $6,000, and credit to Paid in Capital in excess of par value, common stock $1,000

Debit to Cash $7,000, credit to Paid in Capital in excess of par value $6,000, and credit to Common Stock $1,000

Answer rating: 100% (QA)

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