16 NEED HELP ASAP If Keene Company issues 9,000 shares of $5 par value common st

Question

16 NEED HELP ASAP

If Keene Company issues 9,000 shares of $5 par value common stock for $160,000, the account

Common Stock will be credited for $45,000.

Paid-in Capital in Excess of Par will be credited for $45,000.

Paid-in Capital in Excess of Par will be credited for $160,000.

Cash will be debited for $115,000.

Common Stock will be credited for $45,000.

Paid-in Capital in Excess of Par will be credited for $45,000.

Paid-in Capital in Excess of Par will be credited for $160,000.

Cash will be debited for $115,000.

Explanation / Answer

Common Stock will be credited for $45,000 since Journal Entry is Journal Entry Particulars Dr Amt Cr Amt Cash A/C dr                 160,000.00 To common Stock = 9,000 * 5           45,000.00 To Paid-in Capital in Excess of Par = 160,000 - 45,000         115,000.00

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