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Home Q & A Board Other Fields Homework Help Business Accounting
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bravata bravata
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7 years ago
A company issued 500 shares of $3 par common stock in exchange for a piece of equipment with a current market value of $20,000. Which of the following is the correct journal entry for this transaction?
A)
Equipment   20,000   
 Common Stock      1,500
 Paid-in Capital in Excess of Par — Common      18,500

B)
Paid-in Capital in Excess of Par — Common   18,500   
Common Stock   1,500   
 Equipment      20,000

C)
Equipment   20,000   
 Common Stock       20,000

D)
Equipment   20,000   
 Common Stock      500
 Paid-in Capital in Excess of Par — Common      19,500
Textbook 
Financial Accounting

Financial Accounting


Edition: 3rd
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antonio_johnantonio_john
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7 years ago
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Massachusetts Institute of Technology
-- Accounting

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bravata Author
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You make an excellent tutor!
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