A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is:
Multiple Choice:
O Debit Cash $7,000; credit Common Stock $7,000.
O Debit Investment in Common Stock $7,000; credit Cash $7,000.
O Debit Cash $7,000; credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000.
O Debit Common Stock $6,000, debit Investment in Common Stock $1,000; credit Cash $7,000.
O Debit Cash $7,000; credit Paid-in Capital in Excess of Par Value, Common Stock $6,000, credit Common Stock $1,000.

Debit Cash $7,000; credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000.

Explanation:

       ⇒ Shares issued * Par Value

       ⇒ 60 * 100

       ⇒ $6,000

                                         Journal Entry

Cash                                                                      7,000

       Common Stock                                                         6,000

        Paid-in Capital in Excess of Par Value                    1,000

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