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3 October, 11:19

Western Wear Clothing issues 1,200 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $12 per share, record the issuance of common stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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  1. 3 October, 11:53
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    The journal entry is made as follows;

    Explanation:

    Bank (1,200*12) Dr.$ 14,400

    Common Stock (1,200*.01) Cr.$12

    Paid up capital in excess of par-common stocks (14,400-12) Cr.$14,388
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