What Is the Entry to Record Subscriptions Received for 1,700

question 57

Multiple Choice

What is the entry to record subscriptions received for 1,700 shares of $100 par value common stock at $130 per share?

• A)Debit Common Stock Subscribed $221,000;credit Cash $221,000
• B)Debit Subscriptions Receivable-Common Stock $221,000;credit Common Stock Subscribed $170,000;credit Paid-in Capital in Excess of Par Value-Common $51,000.
• C)Debit Subscriptions Receivable-Common Stock $221,000;credit Common Stock Subscribed $221,000
• D)None of these answers is correct.