A Company Issued 60 Shares of $100 Par Value Common

Multiple Choice

A company issued 60 shares of $100 par value common stock for $7,000 cash.The journal entry to record the issuance is:

A) Debit Cash $7,000;credit Common Stock $7,000.
B) Debit Investment in Common Stock $7,000;credit Cash $7,000.
C) Debit Cash $7,000;credit Common Stock $6,000;credit Paid-in Capital in Excess of Par Value,Common Stock $1,000.
D) Debit Common Stock $6,000,debit Investment in Common Stock $1,000;credit Cash $7,000.
E) Debit Cash $7,000;credit Paid-in Capital in Excess of Par Value,Common Stock $6,000,credit Common Stock $1,000.