A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction?

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13-01-2022
Business

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A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction?

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anthougo anthougo · Answer 1 · 2022-01-24T12:39:32+01:00

The correct entry to record the transaction concerning the company's sale of 10,000 shares of previously authorized stock is a debit to Cash of $100,000 and a credit to Common Stock $100,000.

Data Analysis:

Number of shares sold = 10,000

Par value =$10 per share

Cash $100,000 Common Stock $100,000

Thus, the correct entry to record this stock sale is a debit to Cash of $100,000 and a credit to Common Stock $100,000.

Learn more about recording the issuance of stock here: https://brainly.com/question/25562729