A corporation sold 17,500 shares of Its $10 par value common stock at a cash price...

 

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A corporation sold 17,500 shares of Its $10 par value common stock at a cash price of $15 per share. The entry to record this transaction would Include Multiple Choice A credit to Common Stock for $175,000. A debit to Pald-in Capital In Excess of Par Value, Common Stock for $262,500. A credit to Common Stock for $262,500. A credit to Pald-in Capital in Excess of Par Value. Common Stock for $437,500. A debit to Cash for $175,000. A corporation sold 17,500 shares of Its $10 par value common stock at a cash price of $15 per share. The entry to record this transaction would Include Multiple Choice A credit to Common Stock for $175,000. A debit to Pald-in Capital In Excess of Par Value, Common Stock for $262,500. A credit to Common Stock for $262,500. A credit to Pald-in Capital in Excess of Par Value. Common Stock for $437,500. A debit to Cash for $175,000.

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Lets break down the journal entry in detail 1 Debit to Cash 2... View the full answer