Post Utme Babcock University 2023 Accounting Question 21

Practice objective / multiple choice question 21 from the 2023 Post Utme Babcock University Accounting examination.

Post Utme Babcock University 2023 Accounting Objective / Multiple Choice
Question 21 POST_UTME_BABCOCK_UNIVERSITY • 2023 • ACCOUNTING • objective

A company issued 10,000 shares of 1 par value at 5 per share. Prepare the journal entry to record the issuance of these shares.

Answer Options

A. Debit Cash 50,000; Credit Common Stock 50,000
Correct Answer B. Debit Common Stock 50,000; Credit Cash 50,000
C. Debit Cash 50,000; Credit Common Stock 10,000
D. Debit Common Stock 10,000; Credit Cash 50,000
Correct Answer
B
Correct Option:
Debit Common Stock 50,000; Credit Cash 50,000

About This Question

This is Post Utme Babcock University 2023 Accounting Question 21. It is one of the objective questions from the 2023 Post Utme Babcock University Accounting examination.

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