Bradley Corporation received cash from issuing 10,000 shares of common stock at par on January 1,2017.The stock has a par value of $0.01 per share.Which is the correct journal entry to record this transaction?
A) Cash is debited for $100,and Common Stock-$0.01 Par Value is credited for $100.
B) Cash is credited for $10,000 and Common Stock-$0.01 Par Value is debited for $10,000.
C) Paid-In Capital in Excess of Par-Common is debited for $9,900,and Common Stock-$0.01 Par Value is credited for $9,900.
D) Cash is debited for $10,000,Common Stock-$0.01 Par Value is credited for $100,and Paid-In Capital in Excess of Par-Common credited for $9,900.
Correct Answer:
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