Accounting Exam Help needed

Feb 14th, 2015
Anonymous
Category:
Accounting
Price: $10 USD

Question description

Chaney Corporation issued 20,000 shares of common stock on January 1, 2014.  The stock has par value of $1.00 per share and was sold at $30 per share.  The journal entry for this transaction would:

a.

credit Cash $600,000, debit Common stock $20,000, and debit Paid-in capital $580,000.

b.

debit Cash $600,000 and credit Paid-in capital $600,000.

c.

debit Cash $600,000, credit Common stock $20,000, and credit Paid-in capital $580,000.

d.

debit Cash $600,000 and credit Common stock $600,000.

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