Corona Coffee Company issued 1,000 shares of no-par common stock for $11,000. Which of the following journal entries would be made if the stock has a stated value of $2 per share? Cash 11,000 Common Stock 11,000 Cash 11,000 Common Stock 2,000 Paid-in Capital in Excess of Par 9,000 Cash 11,000 Common Stock 2,000 Paid-in Capital in Excess of Stated Value 9,000 Common Stock 11,000 Cash 11,000

Corona Coffee Company issued 1,000 shares of no-par common stock for $11,000. Which of the following journal entries would be made if the stock has a stated value of $2 per share? Cash 11,000 Common Stock 11,000 Cash 11,000 Common Stock 2,000 Paid-in Capital in Excess of Par 9,000 Cash 11,000 Common Stock 2,000 Paid-in Capital in Excess of Stated Value 9,000 Common Stock 11,000 Cash 11,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 10MC: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the...

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