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Apple Inc. issued 4 million shares of no-par common stock for $4 million. What journal entry is prepared?
A) debit Cash $4 million and credit Paid-in Capital in Excess of Par $4 million
B) debit Cash $4 million and credit Retained Earnings $4 million
C) debit Cash $4 million and credit Paid-in Capital in Excess of Stated Value $4 million
D) debit Cash $4 million and credit Common Stock $4 million

Respuesta :

Answer: D) debit Cash $4 million and credit Common Stock $4 million

Explanation:

Common stock is simply used by a company to raise money. The stockholders are typically paid dividends and.they can also vote in a meeting.

Since Apple Inc. issued 4 million shares of no-par common stock for $4 million, the journal entry that is prepared will be to debit Cash $4 million and credit Common Stock $4 million.

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