Suppose Price Point Furniture issued 500,000 shares of $0.10 par common stock at $2 per share. Which journal entry correctly records the issuance of this stock?
Date Accounts and Explanation Debit Credit
a. Cash 1,000,000
Common Stock-$0.10 Par Value 50,000
Paid-In Capital in Excess of Par-Common 950,000
b. Common Stock-$0.10 Par Value 1,000,000
Cash 1,000,000
с. Common Stock-$0.10 Par Value 1,000,000
Cash 50,000
Paid-In Capital in Excess of Par-Common 950,000
d. Cash 1,000,000
Common Stock-$0.10 Par Value 1,000,000
