Wild Bill Company recently issued 10,000 shares of $1.00 par value common stock for $35,500.This transaction will increase the ________.

Question

Quizplus · Accepted Answer

The common stock account is increased by the par value of the shares issued, which is $1.00 per share for 10,000 shares, totaling $10,000. The excess amount over par value would be recorded in the paid-in capital in excess of par account, not the common stock account.

Wild Bill Company Recently Issued 10,000 Shares of $1