nurseb
Oct 24, 2007, 06:22 PM
Sailing Incorporated issued 500 shares of $1 par-value common stock for $22 per share. Because of this transaction,
a. Sailing's cash account balance will increase by $500.
b. Sailing's common stock account will increase by $11,000.
c. Sailing's additional paid-in capital account balance will increase by $10,500.
d. Sailing should debit its common stock account for $500
e. Sailing should credit its cash account for $11,000.
a. Sailing's cash account balance will increase by $500.
b. Sailing's common stock account will increase by $11,000.
c. Sailing's additional paid-in capital account balance will increase by $10,500.
d. Sailing should debit its common stock account for $500
e. Sailing should credit its cash account for $11,000.