Entry to record the sale problem


If Lynch Corporation sells and issues 100 shares of its $10 par value common stock at $11 per share, the entry to record the sale will not include a

a. Debit to Cash of $1,100.

b. Credit to Contributed capital in excess of par of $100.

c. Credit to Common stock of $1,000.

d. Credit to Retained earnings of $100.

e. All of the above would be included.

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Accounting Basics: Entry to record the sale problem
Reference No:- TGS067558

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