Question

Prepare the journal entry to record Jevonte Company's issuance of 45,000 shares of its common stock assuming the shares have a: a. $4 par value and sell for $23 cash per share. b. $4 stated value and sell for $23 cash per share. 15 points View transaction list Journal entry worksheet Record the issuance of 45,000 shares of common stock assuming the shares have a $4 par value and sell for $23 cash per share. Note: Enter debits before credits Transaction General Journal Credit Debit 180,000 Cash Common stock, 34 par value Record entry Clear entry View general Journal

Answer 1

Transaction	General Journal	Debit	Credit
a.	Cash (45,000 X $23)	$1,035,000	-
	Common stock (45,000 X $4)	-	$180,000
	Paid in capital in excess of par - Common stock [45,000 X ($23 - $4)]	-	$855,000
	(To record issue of shares)
b.	Cash (45,000 X $23)	$1,035,000	-
	Common stock (45,000 X $4)	-	$180,000
	Paid in capital in excess of stated value - Common stock [45,000 X ($23 - $4)]	-	$855,000
	(To record issue of shares)