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zalisa [80]
3 years ago
13

Smith & Sons, Inc., is authorized to issue one million shares of $1 par value common stock. The company actually sells 500,0

00 shares at $10 per share. Prepare the journal entry to record the issuance of the 500,000 shares.
Business
1 answer:
Irina-Kira [14]3 years ago
5 0

Answer and Explanation:

journal entry                                                  amount             amount

cash A/c   (500,000*$10) DR                       $5,000,000

common stock A/c (500,000*$1)                                            $500,000

additional paid in excess of value  A/c                                  $4,500,000

         (500,000*$9)                          

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