Baez Corp. began operations on Jan. 1, 2023.  Baez Corp. is authorized to issue 150,000 shares of it's 6%, $40 par value preferred stock.  The company is authorized to issue 650,000 shares of the common stock with a par value of $2 per share.  On January 5, 2023, the company issued 225,000 shares of common stock for cash at $13 per share.  What is the journal entry to record the issuance of the common stock shares?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 3PB: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par...
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Baez Corp. began operations on Jan. 1, 2023.  Baez Corp. is authorized to issue 150,000 shares of it's 6%, $40 par value preferred stock.  The company is authorized to issue 650,000 shares of the common stock with a par value of $2 per share.  On January 5, 2023, the company issued 225,000 shares of common stock for cash at $13 per share.  What is the journal entry to record the issuance of the common stock shares?

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