Question

The entry to record​ Shaman, Inc. selling

1 comma 2001,200

shares of

$ 6$6

par common stock at

$ 10$10

per share would be​ to:

A.debit Cash

$ 12 comma 000$12,000​;

credit Common Stock

$ 12 comma 000$12,000.

B.debit Cash

$ 12 comma 000$12,000​;

debit

Paidminus−In

Capital in Excess of

Parminus−Common

$ 4 comma 800$4,800​;

credit Common Stock

$ 16 comma 800$16,800.

C.debit Cash

$ 7 comma 200$7,200​;

credit Common Stock

$ 7 comma 200$7,200.

D.debit Cash

$ 12 comma 000$12,000​;

credit Common Stock

$ 7 comma 200$7,200​;

credit

Paidminus−In

Capital in Excess of

Parminus−Common

Stock

$ 4 comma 800$4,800.

Answer 1

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Shaman, Inc.	Amount $
Common Stock
Number of shares issued	1,200.00
Par Value	6.00
Total Par Value	7,200.00
Issue Value	10.00
Par Value	6.00
Paid in capital in excess of par- Common Stock	4.00
Number of shares issued	1,200.00
Paid in capital in excess of par- Common Stock	4,800.00
Issue Value	10.00
Number of shares issued	1,200.00
Cash received	12,000.00
Journal Entry
Account	Debit $	Credit $
Cash	12,000.00
Common Stock		7,200.00
Paid in capital in excess of par- Common Stock		4,800.00