The Chris Pine Company, a publicly owned retailer of CHRIStmasPINE trees issued
ID: 2428338 • Letter: T
Question
The Chris Pine Company, a publicly owned retailer of CHRIStmasPINE trees issued 1,000 shares of $1par value common stock at $15 per share. In recording the transaction, credits would be made to:a. Common Stock $15,000, Paid-in-Capital in Excess of Par $1,000
b. Common Stock $1,000, Paid-in-Capital in Excess of Par $15,000
c. Common Stock $14,000, Paid-in-Capital in Excess of Par $1,000
d. Common Stock $1,000, Paid-in-Capital in Excess of Par $14,000
e. There is no journal entry for issuance of stock
Explanation / Answer
Cash Dr $15000 Common Stock Cr $1,000 Paid-in-Capital in Excess of Par $14,000 d. Common Stock $1,000, Paid-in-Capital in Excess of Par $14,000