Accounting aid needed?
When Bunyan Corporation was formed on January 1, 20xx, the corporate charter provided for 100,000 share of $10 par meaning common stock. The following transaction be among those engaged contained by by the corporation during its first month of operation: The corporation issued 8,000 shares of stock at a price of $22.00 per share.The entry to record the above transaction would include a ?
A. debit to Cash for $80,000
B. credit to Common Stock for $176,000
C. credit to Paid surrounded by Capital in Excess of Par- for $96,000
D. debit to Common Stock for $80,000
I am really confused on this can someone please assistance?
Answers: C
The actual transaction looks like this.
Debit Cash $176,000 (8,000 shares x $22)
Credit Common Stock $80,000 (8,000 shares x $10 par)
Credit Paid within Capital $96,000 ( $176K - $80k)
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