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

question 27

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 all of the following except:

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

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