15 NEED HELP ASAP If stock is issued for less than par value, the account Paid-I

Question

15 NEED HELP ASAP

If stock is issued for less than par value, the account

Paid-In Capital in Excess of Par is credited.

Paid-In Capital in Excess of Par is debited if a debit balance exists in the account.

Paid-In Capital in Excess of Par is debited if a credit balance exists in the account.

Retained Earnings is credited.

Paid-In Capital in Excess of Par is credited.

Paid-In Capital in Excess of Par is debited if a debit balance exists in the account.

Paid-In Capital in Excess of Par is debited if a credit balance exists in the account.

Retained Earnings is credited.

Explanation / Answer

The correct ansswer is option (C). If stock is issued for less than par value, the account paid-In Capital in Excess of Par is debited if a credit balance exists in the account.

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