amariadams1760 amariadams1760

24-05-2023
Business

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A company issued 1,000 shares of $1 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance?
a. Debit Preferred Stock $5,000.
b. Credit Cash $5,000.
c. Credit Preferred Stock $5,000.
d. Credit Additional Paid-In Capital $4,000.

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