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Question
A corporation issued 2,500 shares of its no par common stock at a cash price of $11 per share. The entry to record this transaction would be:A.Debit Cash $27,500; credit Paid-in Capital in Excess of Par Value, Common Stock $2,500; credit Common Stock $25,000.
B.Debit Cash $27,500; credit Common Stock $27,500.
C.Debit Common Stock $27,500; credit Cash $27,500.
D.Debit Treasury Stock $27,500; credit Cash $27,500.
E.Debit Treasury Stock $2,500; debit Paid-in Capital in Excess of Par Value, Treasury Stock $25,000; credit Common Stock $27,500.
Answer
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