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Reynaldo Inc

Question 176

Multiple Choice

Reynaldo Inc.issued 1,000 shares of $10 stated value stock for $1 per share.How would the company record this transaction?


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

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