Weygandt, Financial & Managerial Accounting, 2e Help I System Announcements (1 U

Question

Weygandt, Financial & Managerial Accounting, 2e Help I System Announcements (1 Unread) 100 PRINTER VERSION: BACK NEXT Multiple Choice Question 95 Swifty Corp. issues 1100 shares of $10 par value common stock at $15 per share. When the transaction is recorded, credits are made to Common Stock $11000 and Retained Earnings $5500. O Common Stock $11000 and Paid-in Capital in Excess of Stated value $5500. Common Stock $16500. O Common Stock $11000 and Paid-in Capital in Excess of Par $5500. Question Attempts: 0 of 1 used SAVE FOR LATERSUBMIT ANS

Explanation / Answer

Journal:

Cash a/c..Dr$16500(1100*15)

To common stock $11000(1100*10)

To paid in capital in excess of par $5500

Hence the correct option is D.

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