A corporation sold 16,500 shares of its $10 par value common stock at a cash price of $13 per share. The entry to record this transaction would include: Multiple Choice A debit to Paid-in Capital in Excess of Par Value, Common Stock for $214,500. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $379,500. A debit to Cash for $165,000. A credit to Common Stock for $165,000. A credit to Common Stock for $214,500.

A credit to Common Stock for $165,000

Explanation:

The journal entry is shown below

Cash (16,500 shares × $13) $214,500

    To Common stock (16,500 shares × $10) $165,000

     To Additional paid in capital in excess of par value (16,500 shares × $3)

$49,500

(being the issuance of the common stock is recorded)

Here the cash is debited as it increased the assets and credited the common stock and additional paid in capital as it increased the equity

Therefore the A credit to Common Stock for $165,000 is the correct option

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cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.