On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share. Journalize the issuance of the stock what is the date ? what is the title and explantion ?

On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share. Journalize the issuance of the stock what is the date ? what is the title and explantion ?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 6EB: Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first...

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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share.

Journalize the issuance of the stock

what is the date ?

what is the title and explantion ?

Is it debit or credit ?

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