A corporation issued 2,700 shares of its no par common stock at a cash price of $12 per share. The entry to record this transaction would be:

Question

Answer

Debit Cash $32,400; credit Paid-in Capital in Excess of Par Value, Common Stock $2,700; credit Common Stock $29,700.

Answer

Debit Cash $32,400; credit Common Stock $32,400.

Answer

Debit Common Stock $32,400; credit Cash $32,400.

Answer

Debit Treasury Stock $32,400; credit Cash $32,400.

Answer

Debit Treasury Stock $2,700; debit Paid-in Capital in Excess of Par Value, Treasury Stock $29,700; credit Common Stock $32,400.

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