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Question
Comfort Mattresses, Inc. sold 26,000 shares of its $1 par value common stock at a cash price of $12 per share. The entry to record this transaction would be:A.Debit Cash $312,000; credit Common Stock $26,000; credit Paid-in Capital in Excess of Par Value, Common Stock $286,000.
B.Debit Cash for $312,000; credit Common Stock $312,000.
C.Debit Common Stock $26,000; debit Paid-in Capital in Excess of Par Value, Common Stock $286,000; credit Cash $312,000.
D.Debit Cash $312,000; credit Stock Liability $286,000; credit Common Stock $26,000.
E.Debit Common Stock $26,000; credit Cash $26,000.
Answer
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