Rebel Inc Issued 3,000 Shares of No-Par Common Stock with a a Stated

question 63

Multiple Choice

Rebel Inc. issued 3,000 shares of no-par common stock with a stated value of $3 per share. The market price of the stock on the date of issuance was $12 per share. The entry to record this transaction includes a

• A) debit to Cash for $9,000.
• B) credit to Common Stock for $36,000.
• C) credit to Common Stock for $9,000.
• D) debit to Paid-in Capital in Excess of Par Value for $36,000.

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Definitions:

Deregulation

The reduction or elimination of government power in a particular industry, usually aimed at increasing competition and efficiency.

Cerebral Hemispheres

The two halves of the cerebrum, the largest part of the brain, responsible for different functions, with the left hemisphere typically managing logic and language and the right hemisphere managing creativity and spatial abilities.

Olfactory Bulbs

Structure at the base of the forebrain involved in the sense of smell, processing odors and relaying information to the brain.

Neurons

Basic working units of the brain, specialized cells conducting nerve impulses.