Strait Corp

Multiple Choice

Strait Corp.sold 10,000 shares of $1 par value stock for $1 per share.How would the company record this transaction?

A) Debit Cash for $10,000 and credit Common Stock,$1 Par Value for $10,000.
B) Debit Cash for $10,000 and credit Paid-In Capital for $10,000.
C) Debit Cash for $10,000 and credit Paid-In Capital,Common Stock for $10,000.
D) Debit Cash for $10,000 and credit Paid-In Capital in Excess of Par Value,Common Stock for $10,000.
E) Debit Common Stock,$1 Par Value for $10,000 and credit Cash for $10,000.