Using the Following Accounts

question 76

Multiple Choice

Using the following accounts:
Indicate the account(s) to be debited and credited to record the following transaction.
-Sold common stock at a price above par accepting a subscription.
Debit ________ Credit ________ & ________

• A)Subscription receivable-common stock
• B)Cash
• C)Machinery
• D)Building
• E)Land
• F)Organization costs
• G)Preferred stock
• H)Common stock
• I)Paid in capital in excess of par value - common
• J)Paid in capital in excess of par value - preferred
• K)Common stock subscribed
• L)Discount on common stock
• M)Organization Expense

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Definitions:

Verizon

An American multinational telecommunications conglomerate and one of the largest wireless carriers in the United States.

Larger Companies

Corporations or businesses that have a significant scope in terms of operations, revenue, or number of employees, typically having a broad influence in their respective industries.

Alternative Media Outlets

Media sources that provide information outside of mainstream or conventional channels, often focusing on perspectives or topics not covered by major outlets.

Mainstream Media

Media outlets and platforms that reach the largest audience and are typically regarded as conventional or traditional sources of news and entertainment.