Washington Corporation Issued 4,000 Shares of Its $20 Par Value

question 94

Multiple Choice

Washington Corporation issued 4,000 shares of its $20 par value common stock for $23 per share.The entry to record the issuance would include a:

• A)debit to Cash for $80,000.
• B)credit to Common Stock for $12,000.
• C)credit to Common Stock for $80,000.
• D)debit to Paid-in Capital in Excess of Par Value for $12,000.

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Definitions:

Alimentary Canal

The whole passage along which food passes through the body from mouth to anus, including the esophagus, stomach, and intestines.

GB

Commonly used as an abbreviation for Gallbladder, an organ that stores bile produced by the liver.

Gallbladder

A small, pear-shaped organ located beneath the liver that stores and concentrates bile, a digestive fluid produced by the liver.

Solid Waste Products

materials discarded after being used, which are solid in form, including garbage, and not intended for further use.