Jenny's Lawn Service Issued 100 Shares of $10 Par Value

question 150

Multiple Choice

Jenny's Lawn Service issued 100 shares of $10 par value stock and received a lawnmower with a fair market value of $2,500. The entry to record this transaction would include:

• A)a debit to Equipment for $2,500.
• B)a credit to Common Stock for $1,000.
• C)a credit to Paid-in Capital in Excess of Par-Common Stock for $1,500
• D)all of the above.

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