S & C Company Issues 1,500 Shares of Its No-Par $\begin{array}{lll}\text { Common Stock } & 1,500 \\\text { Addl. Paid-in Capital in Excess of Par-Common } & & 1,500\end{array}$

question 103

Multiple Choice

S & C Company issues 1,500 shares of its no-par common stock. The issue price of the stock is $20 per share. What is the journal entry required to record the issuance of the shares?

• A) \(\begin{array}{lll}
• \text { Common Stock } & 1,500 \\
• \text { Addl. Paid-in Capital in Excess of Par-Common } & & 1,500
• \end{array}\)
• B) \(\begin{array}{lll}
• \text { Cash } & 1,500 & \\
• \quad \text { Common Stock - no par } & & 1,500
• \end{array}\)
• C) \[\begin{array} { l r }
• \text { Cash } & 30,000 \\
• \text { Common Stock - no par } && 1,500 \\
• \text { Addl. Paid-in Capital in Excess of Par-Common } && 28,500
• \end{array}\]
• D) \[\begin{array} { l l }
• \text { Cash } & 30,000 \\
• \quad \text { Common Stock-nopar } && 30,000
• \end{array}\]

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