Answered
The entry to record MidIowa.net selling 1,000 shares of $8.00 par value common stock at $10.00 would be to:
A) debit Cash $10,000; credit Common Stock $8,000; credit Paid-in Capital in Excess of Par Value-Common $2,000.
B) debit Cash $10,000; credit Common Stock $10,000.
C) debit Cash $8,000; debit Paid-in Capital in Excess of Par Value-Common $2,000; credit Common Stock $10,000.
D) None of these answers is correct.
On May 14, 2024