Paid-In Capital in Excess of Par is debited if a debit balance exists in the account.
Paid-In Capital in Excess of Par is debited if a credit balance exists in the account.
Paid-In Capital in Excess of Par is credited. Retained Earnings is credited. 14- Multiple Choice Question 83
When stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the
par value of the stock. market value of the stock. book value of the stock. stated value of the stock. 15- Multiple Choice Question 160
Win, Inc. has 10,000 shares of 7 %, $ 100 par value, cumulative preferred stock and 100,000 shares of $ 1 par value common stock outstanding at December 31, 2013. If the board of directors declares a $ 60,000 dividend, the
$ 60,000 will be held as restricted retained earnings and paid out at some future date.