QUIZ 5 CHAPTER 11 help 21. A company sells 1 million shares of stock with no par

Question

QUIZ 5 CHAPTER 11 help 21. A company sells 1 million shares of stock with no par value for $15 a share. In recording the transaction, it would O debit Cash for $20,000 and credit Common Shares for $20,000. O debit Cash for $15 million and credit Common Shares for $15 million O debit Cash for $15 milion, credit Common Shares for $20,000 and credit Contributed surplus for $14,980.000 O debit Cash for $20,000, debit Copital Receivable for $14,980,000, credit Common Shares for $20.000 and credit Contributed surplus for $14,980.00o. 12:06 PM ^4x 3/17/2013 O Type here to search

Explanation / Answer

The correct option is b

b. debit Cash for $15 million and credit Common Stock for $15 million

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