ABC Sells 400 Shares of Its $23 Par Common Stock

question 121

Multiple Choice

ABC sells 400 shares of its $23 par common stock for $27.The entry would entail a credit(s) of:

• A)Cash of $9,200.
• B)Paid-in Capital in Excess of Par-Common for $800; Common Stock for $10,800.
• C)Paid-in Capital in Excess of Par-Common for $1,600; Common Stock for $9,200.
• D)Common Stock for $10,800.

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Definitions:

Centration

In developmental psychology, the tendency of children in the preoperational stage to focus on one aspect of a situation while neglecting others.

Problem

A situation, question, or item that presents difficulty or requires a solution.

Important Aspects

Critical or significant parts, features, or elements of a particular subject or area of study.

Sensorimotor Stage

The first of Jean Piaget's stages of cognitive development, where infants from 0 to 2 years understand the world through their actions and sensory experiences.