Question

When a company issues 39,000 shares of $3 par value common stock for $30 per share, the journal entry for this issuance would include?

Answer 1

The journal entry for this issuance would include is $ 10,53,000.00.

A magazine entry consists of the acquisition of machinery with the aid of the country wherein the equipment account could be debited, and the coins account may be credited.

A magazine access is a report of the enterprise transactions inside the accounting books of a enterprise. A well documented magazine entry consists of the best date, amounts to be debited and credited, description of the transaction and a completely unique reference wide variety. A magazine access is the first step within the accounting cycle.

                                                              Debit                                Credit

Number of shares = $ 39,000

cost of per shares = $3

total cash of shares = $ 117000          117000

Common stock ( 39000 * 3 )                                                        117000.00

Paid in capital  ( 39000  shares * 27)                                         10,53,000.00

(To record the issuance of shares at a premium of $ 27)

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