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Asked Aug 31, 2019
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Received $17000 cash investment from the business owners and distributed 1000 shares of common stock to them with a market price of $17 per share? which accounts are affected in this transactions?

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Journal entry is as follows for the g...

Accounts title and Explanation
Debit (S)
Credit (S)
Cash
S17,000
$17,000
Common stock
(To record the issue of common stock)
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Accounts title and Explanation Debit (S) Credit (S) Cash S17,000 $17,000 Common stock (To record the issue of common stock)

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