Dallkin Corporation issued 5,000 shares of common stock on January 1, 2013. The stock has no par value and was sold at $18 per share. The journal entry for this transaction would:
A) debit Cash $90,000 and credit Common stock $90,000.
B) debit Cash $90,000 and credit Paid-in capital $600,000.
C) credit Cash $90,000 and debit Common stock $90,000.
D) credit Cash $90,000, debit Paid-in capital $5,000, and debit Common stock $85,000.
Correct Answer:
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