Carolina Corporation Just Issued 10,000 Shares of $2 Par Value

Multiple Choice

Carolina Corporation just issued 10,000 shares of $2 par value common stock for $7.50 per share.The journal entry to record this transaction will include all of the following except:

A) debit to cash for $75,000
B) credit to Common Stock for $20,000
C) Credit to Retained Earnings for $75,000
D) credit to Paid-in-Capital in Excess of Par--Common Stock for $55,000