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Anonymous

Nov 24, 2024

If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, Group of answer choices Common Stock will be credited for

If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, how will the accounts be affected? Please select the correct answer from the following options:

  • Common Stock will be credited for $75,000.
  • Paid-In Capital in Excess of Par will be credited for $9,000.
  • Paid-In Capital in Excess of Par will be credited for $66,000.
  • Cash will be debited for $66,000.
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3 Answers

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Anonymous

Jan 31, 2025

Paid-In Capital in Excess of Par will be credited for $66,000Explanation:The journal entry to record the issuance of the shares is shown below:Cash Dr $75,000           To common Stock $9,000(1500 × $6)        To Paid in capital in excess of par $66,000(Being the issuance of the shares is recorded)Here cash is debited as it increased the assets and the other two accounts are credited as it increased the equity
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A
Anonymous

Feb 18, 2025

Setiap tindakan memiliki reaksi. ucapan itu ditulis oleh newton. itulah hukum ketiga-nya.
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Finance & Banking Accounting Common Stock

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