8. On July 1st, Mary (an investor) sold 100 shares of Yummy Food Company's common stock...

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8. On July 1st, Mary (an investor) sold 100 shares of Yummy Food Company's common stock to Jack (also an investor) for $50 per share. The stocks were originally issued to Mary at $30 per share with 50.1 par value. On July 1st, which of the following needs to be recorded in Yummy Food's journals? A. Dr. Cash 5,000 Cr, Common Stock Cr. APIC 8. Dr. Cash 4,990 3,000 Cr. Common Stock 10 2,990 Cr. APIC C. Dr. Accounts Receivable 5,000 Cr. Common Stock Cr. APIC D. Dr. Accounts Receivable 3,000 10 K 4,990 10 Cr. Common Stock Cr. APIC 2,990 E. Yummy does not need to make a journal entry for this transaction. 10 8. On July 1st, Mary (an investor) sold 100 shares of Yummy Food Company's common stock to Jack (also an investor) for $50 per share. The stocks were originally issued to Mary at $30 per share with 50.1 par value. On July 1st, which of the following needs to be recorded in Yummy Food's journals? A. Dr. Cash 5,000 Cr, Common Stock Cr. APIC 8. Dr. Cash 4,990 3,000 Cr. Common Stock 10 2,990 Cr. APIC C. Dr. Accounts Receivable 5,000 Cr. Common Stock Cr. APIC D. Dr. Accounts Receivable 3,000 10 K 4,990 10 Cr. Common Stock Cr. APIC 2,990 E. Yummy does not need to make a journal entry for this transaction. 10

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