When Bayou Corporation Was Formed on January 1, 20xx, the Corporate

question 8

Multiple Choice

When Bayou Corporation was formed on January 1, 20xx, the corporate charter provided for 100,000 share of $10 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 9,000 shares of stock at a price of $23 per share. The entry to record the above transaction would include a

• A) debit to Cash for $90,000
• B) credit to Common Stock for $207,000
• C) credit to Paid in Capital in Excess of Par for $117,000
• D) debit to Common Stock for $90,000

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