What Is the Correct Entry for the Sale of 1,000 $\begin{array}{lr}\text { A. Cash } & \quad\quad\quad\quad\quad\quad50,000 \\\text { Preferred stock } & &50,000 \\\end{array}$

question 40

Multiple Choice

What is the correct entry for the sale of 1,000 shares of $10 par value preferred stock for $50,000 cash? $\begin{array}{lr}\text { A. Cash } & \quad\quad\quad\quad\quad\quad50,000 \\\text { Preferred stock } & &50,000 \\\end{array}$

$\begin{array}{lr}\text { B. Cash } & \quad\quad\quad\quad\quad\quad10,000 \\\text { Preferred stock } & &10,000 \\\end{array}$

$\begin{array}{lr}\text { C. Cash } & 50,000 \\\text { Gain on sale of preferred stock} & &40,000 \\\text { Preferred stock } & &10,000 \\\end{array}$

$\begin{array}{lr}\text { D. Cash } & 50,000 \\\text { Preferred stock } & &10,000 \\\text { Gain on sale of preferred stock} & &40,000 \\\end{array}$

• A)Option A
• B)Option B
• C)Option C
• D)Option D

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Definitions:

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