Which of the Following Journal Entries Is Correct When No-Par $\quad$

question 96

Multiple Choice

Which of the following journal entries is correct when no-par common stock is initially issued for cash?

• A) Cash
• \( \quad \) Common stock
• B) Cash
• \( \quad \) Common stock
• \( \quad \) Capital in excess of par
• C) Cash
• \( \quad \) Common stock
• \( \quad \) Retained earnings
• D) Cash
• \( \quad \) Common stock
• \( \quad \) Gain on sale of stock

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Definitions:

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