A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is:
Multiple Choice:
O Debit Cash $7,000; credit Common Stock $7,000.
O Debit Investment in Common Stock $7,000; credit Cash $7,000.
O Debit Cash $7,000; credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000.
O Debit Common Stock $6,000, debit Investment in Common Stock $1,000; credit Cash $7,000.
O Debit Cash $7,000; credit Paid-in Capital in Excess of Par Value, Common Stock $6,000, credit Common Stock $1,000.
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Home » Business » A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is: Multiple Choice: O Debit Cash $7,000; credit Common Stock $7,000. O Debit Investment in Common Stock $7,000; credit Cash $7,000.