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Posts: 4891
2 years ago
Bradley Corporation received cash from issuing 17,000 shares of common stock at par on January 1, 2017. The stock has a par value of $0.05 per share. Which is the correct journal entry to record this transaction?
A) Cash is debited for $850, and Common Stock$0.05 Par Value is credited for $850.
B) Cash is credited for $17,000 and Common Stock$0.05 Par Value is debited for $17,000.
C) Cash is debited for $17,000, Common Stock$0.05 Par Value is credited for $850, and Paid-In Capital in Excess of Par-Common credited for $16,150.
D) Paid-In Capital in Excess of ParCommon is debited for $16,150, and Common Stock$0.05 Par Value is credited for $16,150.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters
Edition: 5th
Authors:
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I just realized you had posted this! Thanks so much
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In case you need anything else, I'll be around
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Thank you
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