Eagle Ridge, inc. issued 40 shares of $20 par value stock to its accountant in full payment for her $900 fee for assisting in setting up the new company. The entry for the issuance of the stock is a

a. debit to paid-in capital in excess of Par-Common for $100
b. debit to Common Stock for $800
c. credit to Common Stock for $800
d. credit to Common Stok for $900

Question

27-06-2022
Business

contestada

Eagle Ridge, inc. issued 40 shares of $20 par value stock to its accountant in full payment for her $900 fee for assisting in setting up the new company. The entry for the issuance of the stock is a

a. debit to paid-in capital in excess of Par-Common for $100
b. debit to Common Stock for $800
c. credit to Common Stock for $800
d. credit to Common Stok for $900

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chilljain33 chilljain33 · Answer 1 · 2022-06-29T09:11:36+02:00

The journal entry for the issuance of the stock for issue of 40 shares at a par value of $20, will affect a credit to Common Stock for $800.

What is a journal entry?

The process of maintenance of systematic and chronological records of financial transactions during a given financial period is known as a journal entry.

Hence, option C holds true regarding the journal entry.

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