Question

A journal entry for the sale of $10 par common stock for $18 per share would include

a. a credit to Cash
b. a debit to common stock
c. a credit to Paid in Capital in Excess of Par-Common Stock
d. a debit to Paid in Capital n Excess of Par-Common Stock

Answer 1

credit to paid in capital in excess of par-common stock. the word stock in the question instantly removes a and b there is no debit so c or d but i would go with c. just cause d is missing an i in one of its 'in'