Question

A corporation sold 11,000 shares of its $10 par value common stock at a cash price of $14 per share. The entry to record this transaction would include:___________

Answer 1

A credit to Common Stock for $110,000. A further explanation is provided below.

Step-by-step explanation:

Given:

Corporation sold,

= 11,000

Common stock per value,

= $10

Cash price,

= $14 per share

The entry record would include,

=
`Sold \ corporation* Common \ stock`

=
`11000* 10`

=
`110,000` ($)