Strait Corp

question 130

Multiple Choice

Strait Corp.sold 10,000 shares of $1 par value stock for $1 per share.How would the company record this transaction?

• A)Debit Cash for $10,000 and credit Common Stock,$1 Par Value for $10,000.
• B)Debit Cash for $10,000 and credit Paid-In Capital for $10,000.
• C)Debit Cash for $10,000 and credit Paid-In Capital,Common Stock for $10,000.
• D)Debit Cash for $10,000 and credit Paid-In Capital in Excess of Par Value,Common Stock for $10,000.
• E)Debit Common Stock,$1 Par Value for $10,000 and credit Cash for $10,000.

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