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Which of the Following Journal Entries Is Correct When Common \quad

Question 7

Multiple Choice

Which of the following journal entries is correct when common stock is initially issued for cash at a price in excess of the stock's stated value?


A) Cash
\quad Common stock
B) Cash
\quad Common stock
\quad Capital in excess of par
C) Cash
\quad Common stock
\quad Retained earnings
D) Cash
\quad Common stock
\quad Gain on sale of stock

Correct Answer:

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