To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with no-par value
To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with no-par value.
Required:
1. Complete the table below, indicating the account, amount, and direction of the effect for the issuance of the no-par value stock at $50.
2. Prepare the journal entry for the issuance of the no-par value stock at $50.
Homework Answers
1.
| Assets | = | Liabilities | + | Stockholders Equity | |||
| Cash | 50,000 | Common stock | 50,000 | ||||
2.
| Date | General Journal | Debit | Credit |
| 1 | Cash | $50,000 | |
| Common Stock | $50,000 |
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To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with no-par value
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