New Corp. issues 2,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to Group of answer choices Common Stock $20,000 and Paid-in Capital in Excess of Stated Value $8,000. Common Stock $28,000. Common Stock $20,000 and Paid-in Capital in Excess of Par $8,000. Common Stock $20,000 and Retained Earnings $8,000.

Common Stock $20,000 and Paid-in Capital in Excess of Par $8,000.

Explanation:

The journal entry to record the issuance of the shares is given below:

Cash Dr (2000 shares × $14) $28,000

   To Common stock (2000 × $10) $20,000

    To Paid in capital in excess of par value (2000 × 4) $8,000

(being the issuance of the shares is recorded)

Here the cash is debited as it increased the assets and rest 2 account is credited as it also increased the equity

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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