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Began business by issuing 5,000 shares of $5 par value common stock. The contributed capital of $30,000, from this sale, was deposited in the company bank account.

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sadddamkashmiri801

Answer:

Paid-in Capital would be credited with $5,000

Explanation:

The double entry would be as under:

Dr Bank Account $30,000

Cr Common Stock   $25,000...... $5 per share * 5,000 shares

Cr Paid In Capital     $5,000 .......... ($30,000 amount receive - Common stock)

Answer:

Paid-in Capital would be credited with $5,000

Explanation:

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