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A corporation sold 11,000 shares of its $10 par value common stock at a cash price of $14 per share. The entry to record this transaction would include:___________

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Answer:

A credit to Common Stock for $110,000. A further explanation is provided below.

Explanation:

Given:

Corporation sold,

= 11,000

Common stock per value,

= $10

Cash price,

= $14 per share

The entry record would include,

= [tex]Sold \ corporation\times Common \ stock[/tex]

= [tex]11000\times 10[/tex]

= [tex]110,000[/tex] ($)

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