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    nurseb Posts: 7, Reputation: 1
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    #1

    Oct 24, 2007, 06:22 PM
    Stock par-value
    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.
    nurseb's Avatar
    nurseb Posts: 7, Reputation: 1
    New Member
    		  
    #2

    Oct 26, 2007, 02:37 PM
    Quote Originally Posted by nurseb
    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.
    C. Sailings additional paid in capital account balance will increase by $10,500
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