Multiple Choice
Canton,Inc.issued 10,000 shares of $1 par value common stock at $10 per share.Mr.Smart,the bookkeeper,recorded this transaction with a $100,000 debit to Cash and a $100,000 credit to Common stock.As a result of this entry:
A) total assets will be overstated.
B) Additional Paid-In Capital will be understated.
C) total stockholders' equity will be understated.
D) equity will be overstated.
Correct Answer:
Verified
Correct Answer:
Verified
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