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The entry to record the issuance of 700 shares of $11 par-value common stock for $12...

The entry to record the issuance of 700 shares of $11 par-value common stock for $12 a share consists of a debit to Cash for $8,400 and a credit to Common Stock for

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Answer #1
Journal Entries
Date Account Title and explanation Debit Credit
-------- Cash (700 Shares X $12) $                     8,400
      To Common Stock (700 Shares X $ 11) $                       7,700
      To Addittional Paid in Capital - Common Stock $                           700
(To Recod the issue of common Stock)
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