Answer:
E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
Explanation:
Journal Entry for Issuance of 70 shares of $30 par value preferred stock for $4,000 is -
Cash Debited - $4,000
Paid in Capital in excess of Par value Credited - $1,900
Preferred Stock (70 shares × $30 each) Credited - $2,100
The correct option is - E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
A decrease in demand for cameras would likely be caused by increased abilities in cell phones for filming
he exchange of money and the receipt of the item is mutual consideration for the transaction. In every single agreement, there must be consideration in order for the agreement to be legally binding; it is a critical part of contract formation. ... In other words, each person in a contract must promise to do something.
