Question

Entries are made to the Petty Cash account when a. replenishing the petty cash fund.

b. making payments out of the fund.
c. recording shortages in the fund establishing the fund.
Alma Corp, issues 1,000 shares of $10 per value common stock at $16 per share, When the transaction is recorded, credits are made to: a. Common Stock $16.000. b. Common Stocks $10,000 and Paid-in Capital in Excess of Stated Values $6,000. c. Common Stock $ 10.000 and Retained earnings $6,000 d. Common Stock $10,000 and Paid-in Capital in Excess of Par Value $6,000.

Answer 1

a

d

Step-by-step explanation:

You need to make an entry when you replenish the petty cash book

It is usually split into two different line items: common stock (par value) and additional paid-in capital.

Additional paid-in capital refers to only the amount in excess of a stock's par value.