The Bean Counter Corporation received subscriptions for 100 shares of its $12 par value common stock at $15 per share.The entry to record receipt of the subscriptions would include a:
A) debit to Cash $1,500 and a credit to Common Stock $1,500.
B) debit to Cash $1,500;a credit to Common Stock $1,200;and a credit to Paid-in Capital in Excess of Par Value-Common $300.
C) debit to Common Stock Subscribed $1,500 and a credit to Subscriptions Receivable-Common Stock $1,500.
D) debit to Subscriptions Receivable-Common Stock $1,500;a credit to Common Stock Subscribed $1,200;and a credit to Paid-in Capital in Excess of Par Value-Common for $300.
Correct Answer:
Verified
Q108: In the stockholders' equity section of a
Q110: Using the following accounts:
Indicate the account(s) to
Q113: Identify the account types used in recording
Q114: Nature's Honey Corporation received the final installment
Q115: Tory Company received the first installment of
Q116: Diamonds Forever Corporation received subscriptions for 100
Q119: Sold preferred stock at a price equal
Q121: Journalize the transactions for the stock subscription
Q122: Describe a stock subscription plan.
Q123: Using the following accounts:
Indicate the account(s) to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents