A company receives a subscription for 4,000 shares of $1 par value common stock at $10 per share. The journal entry for this transaction would include a debit to
A) Common Stock Subscriptions Receivable, $40,000.
B) Common Stock Subscribed, $40,000.
C) Common Stock, $40,000.
D) Premium on Common Stock, $40,000.
Correct Answer:
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