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 $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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andromache andromache · Answer 1 · 2021-06-18T02:22:43+02:00

Answer:

Paid-In Capital in Excess of Par will be credited for $66,000

Explanation:

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