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Financial Accounting MCQs

What are the journal entries for a company issuing 1,000 shares of stock at $8/share issue price and no par value?

Debit cash $8,000; credit paid-in-capital $8,000

A company cannot issue stock without a par value

Debit Retained Earnings $8,000; credit paid-in capital $8,000

Debit cash $8,000; Credit Convertible Debt $8,000

Answer

Correct Answer: Debit cash $8,000; credit paid-in-capital $8,000

Explanation:

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