Question

The entry to record selling 150 shares of no-par common stock with a stated value of $30 for $40 would be which of the following?
A. Debit Common Stock $6,000; credit Cash $6,000
B. Debit Cash $6,000; credit Common Stock $6,000
C. Debit Cash $6,000; credit Common Stock $4,500; credit Paid-In Capital in Excess of Stated Value—Common $1,500
D. Debit Cash $6,000; credit Common Stock $4,500; credit Paid-In Capital in Excess of Par Value—Common $1,500

Answer 1

@jackthegreatest

Answer 2

150 x 30 = 4500
150 x 40 = 6000

Answer 3

i am not sure, but it cannot be A or B

Answer 4

if i had to pick, i would choose d