Carolina Corporation Just Issued 10,000 Shares of $2 Par Value

question 38

Multiple Choice

Carolina Corporation just issued 10,000 shares of $2 par value common stock for $7.50 per share.The journal entry to record this transaction will include a:

• A)debit to Donated Capital for $75,000
• B)credit to Common Stock for $75,000
• C)debit to Retained Earnings for $20,000
• D)credit to Paid-in-Capital in Excess of Par--Common Stock for $55,000

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Definitions:

Hypomanic Episode

A period characterized by an elevated, expansive, or irritable mood that is less severe than a manic episode but noticeable to others.

Bipolar Disorder

A mental health condition marked by extreme mood swings, including emotional highs (mania or hypomania) and lows (depression).

Credit Card Access

The ability to use a credit card to borrow funds from a pre-approved limit for purchases or cash advances.

Mood Stabilizing Medication

Drugs used to treat mood disorders by stabilizing an individual's mood and reducing mood swings.