Business, 18.03.2021 01:20 ayoismeisjjjjuan
A company issued 70 shares of $30 par value preferred stock for $4,000 cash. The journal entry to record the issuance is:.
A. Debit Cash $2,100; credit Preferred Stock $2,100.
B. Debit Investment in Preferred Stock $2,100; credit Cash $2,100.
C. Debit Cash $4,000; credit Preferred Stock $4,000.
D. Debit Preferred Stock $2,100, debit Investment in Preferred Stock $1,900; credit Cash $4,000.
E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
Answers: 3
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A company issued 70 shares of $30 par value preferred stock for $4,000 cash. The journal entry to re...
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