Author Question: Stockit, Inc. issued 2,000 of common stock on February 1, 2011. The journal entry to record this ... (Read 95 times)

bb · **on:** Jul 5, 2018

Stockit, Inc. issued 2,000 of common stock on February 1, 2011. The journal entry to record this transaction would include ________.

A) a credit to Common stock of 2,000
B) a debit to Cash of 2,000
C) a credit to Notes payable of 2,000
D) more than one of these

Question 2

Purchases of merchandise are typically credited to the merchandise inventory account under the perpetual inventory system.
a. True
b. False

Indicate whether the statement is true or false