Chaney Corporation Issued 20,000 Shares of Common Stock on January

question 108

Multiple Choice

Chaney Corporation issued 20,000 shares of common stock on January 1, 2014. The stock has par value of $1.00 per share and was sold at $30 per share. The journal entry for this transaction would:

• A) credit Cash $600,000, debit Common stock $20,000, and debit Paid-in capital $580,000.
• B) debit Cash $600,000 and credit Paid-in capital $600,000.
• C) debit Cash $600,000, credit Common stock $20,000, and credit Paid-in capital $580,000.
• D) debit Cash $600,000 and credit Common stock $600,000.

Understand the system of checks and balances designed to prevent abuses of power.

Identify the principles underlying procedural and substantive due process, including the equal protection clause.

Recognize the limitations and protections provided by the free exercise and establishment clauses regarding religion.

Understand the concept of a firm's product offering to its target market.

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Definitions:

Business Organizations

Entities formed for the purpose of carrying out commercial activities, typically structured to meet legal, financial, and operational requirements.

Marketplace

Any venue, physical or digital, where goods and services are exchanged between buyers and sellers.

Competitive Strategies

Approaches that businesses adopt to improve their market position and achieve a competitive advantage over rivals.

Performance Determinants

Critical elements or factors that significantly impact how well an individual or system performs.