Jarrett Company issued 900 shares of no-par common stock for $13,200. Which of t
ID: 2500628 • Letter: J
Question
Jarrett Company issued 900 shares of no-par common stock for $13,200. Which of the following journal entries would be made if the stock has no stated value?
Answer
Cash 13,200
Common Stock 13,200
Cash 13,200
Common Stock 900
Paid-in Capital in Excess of Par 8,200
Cash 13,200
Common Stock 900
Paid-in Capital in Excess of Stated Value 12,300
Common Stock 13,200
Cash 13,200
Cash 13,200
Common Stock 13,200
Cash 13,200
Common Stock 900
Paid-in Capital in Excess of Par 8,200
Cash 13,200
Common Stock 900
Paid-in Capital in Excess of Stated Value 12,300
Common Stock 13,200
Cash 13,200
Explanation / Answer
The correct answer is Option (A).
Cash $13,200
Common Stock No Par Value $13,200
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