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Home Q & A Board Other Fields Homework Help Business Accounting
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upton upton
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6 years ago
What is the entry to record subscriptions received for 1,700 shares of $100 par value common stock at $130 per share?
A) Debit Subscriptions ReceivableCommon Stock $221,000; credit Common Stock Subscribed $221,000
B) Debit Common Stock Subscribed $221,000; credit Cash $221,000
C) Debit Subscriptions Receivable-Common Stock $221,000; credit Common Stock Subscribed $170,000; credit Paid-in Capital in Excess of Par ValueCommon $51,000.
D) None of these answers is correct.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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LaffioLaffio
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5 years ago
Answer is C
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