Accounting Midterm Exam ACG-2011: Question 68

A corporation sold 17,500 shares of its $10 par value common stock at a cash price of $15 per share. The entry to record this transaction would include:

	A debit to Paid-in Capital in Excess of Par Value, Common Stock for $87,500.
	A debit to Cash for $175,000.
	A credit to Common Stock for $262,500.
	A credit to Paid-in Capital in Excess of Par Value, Common Stock for $262,500.
→	A credit to Common Stock for $175,000.