All City Realty,Inc

question 98

Multiple Choice

All City Realty,Inc.issued 7000 shares of $9 stated value common stock for $16 per share.The journal entry to record this transaction includes a credit to ________.

• A) Common Stock for $112,000
• B) Paid-In Capital in Excess of Stated - Common for $63,000
• C) Common Stock - $9 Stated Value for $49,000
• D) Paid-In Capital in Excess of Stated - Common for $49,000

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Definitions:

Economic Systems

The methods and principles societies use to allocate scarce resources and distribute goods and services, including capitalism, socialism, and communism among others.

Command Economic System

In this type of economic structure, a central government or authority is responsible for making decisions about how goods and services are produced and distributed.

Goods And Services

Physical products and intangible activities that fulfill the needs or wants of consumers, forming the basis of all economic activity.

Production Possibilities Curve

A graphical representation that shows the different combinations of two goods or services that can be produced within a given resource constraint.