The entry to record TLR,Inc.selling 800 shares of $6 par common stock at $8 per share would be to:

Question

Quizplus · Accepted Answer

The entry involves debiting Cash for the total amount received ($8 per share x 800 shares = $6,400), crediting Common Stock for the par value ($6 per share x 800 shares = $4,800), and crediting Paid-In Capital in Excess of Par-Common Stock for the excess amount over par ($2 per share x 800 shares = $1,600).

The Entry to Record TLR,Inc