Comfort Mattresses, Inc. sold 26,000 shares of its $1 par value common stock at a cash…

Comfort Mattresses, Inc. sold 26,000
shares of its $1 par value common stock at a cash price of $12 per
share. The entry to record this transaction would be:

Debit Common Stock $26,000;
credit Cash $26,000.
Debit Common Stock $26,000; debit
Paid-in Capital in Excess of Par Value, Common Stock $286,000;
credit Cash $312,000.
Debit Cash $312,000; credit Stock
Liability $286,000; credit Common Stock $26,000.
Debit Cash $312,000; credit Common
Stock $26,000; credit Paid-in Capital in Excess of Par Value,
Common Stock $286,000.
Debit Cash for $312,000; credit Common Stock $312,000.