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:

Goal Orientation

Involves the desire or ambition to achieve a specific outcome or fulfill a set pattern of objectives, often guiding how individuals approach tasks and challenges.

Performance Outcomes

The results or achievements arising from the actions or performance of an individual or group in various contexts, such as work, sports, or education.

Institutional Investors

Large organizations such as banks, insurance companies, and pension funds that invest large amounts of money.

Closely Held Corporations

Corporations that have a limited number of shareholders, often family members or close associates, and whose shares are not publicly traded.