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Rufina [12.5K]
3 years ago
14

On May 10, Sheffield Corp. issues 2,500 shares of $5 par value common stock for cash at $12 per share.

Business
1 answer:
Murljashka [212]3 years ago
3 0

Answer:

Explanation:

The journal entry to record the issuance of common stock is shown below:

Cash A/c Dr $30,000          (2,500 shares × $12)

    To Common Stock $12,500                 (2,500 shares × $5)

    To  Additional Paid-in Capital in excess of par - Common Stock $17,500

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

While issuing the stock, we debited the cash account and credited the common stock and additional paid-in capital account

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