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What account and amount would credit for transaction

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Question 1: Our company is authorized to issue 100,000 shares of no par value common stock. On August 21 we issued 20,000 shares for $11 per share. What account(s) and amount(s) would we credit when we record the journal entry for this transaction?

Group of answer choices

Option 1: cash, $220,000

Option 2: common stock, $220,000

Option 3: common stock, $1,100,000

Option 4: cash, $1,100,000

Reference no: EM132489179

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