Question

On January 2, Carlton, Inc., issued 100 shares of $10 par value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet On January 2, Carlton, Inc., issued 100 shares of $10 par value common stock for cash of $10 per share. Note: Enter debits before credits. Date General Jourmal Debit Credit Jan. 2

Answer 1

Journal entry for Carlton Inc.

Jan 2. Debit. Credit

Cash account debit $1000

To common stock $1000

(to record the stock issued for cash at par)

However if the stock had been issued in excess of the par value, the extra amount would have been credited to "paid in capital excess of par".

Answer 2

Same as his^ but common stock 10$par value is what it wants!