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4) What is the journal entry to record the issuance of 14,000 shares of $7 par...

4) What is the journal entry to record the issuance of 14,000 shares of $7 par value common stock at $21 per share for cash? ()

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Answer #1

Journal entry to issue common stock is given below

Transaction General Journal Debit Credit
1 Cash $        294,000.00
Common stock $           98,000.00
Additional paid in capital-Common stock $        196,000.00
(To record issuance of common stock)

Working

General Journal Debit Credit
Cash =14000*21
Common stock =14000*7
Additional paid in capital-Common stock =14000*14
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