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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Recording the Sale of Common Stock

Plymouth Company issues 150,000 shares of common stock (par value $3) for SI9 per share on June 30, 2019.

Required:

Prepare the journal entry to record this transaction.

To determine

Concept introduction:

Stocks (Common Stock and Preferred Stock):

These are two types of the share capital of a company. Common Stock represents the Common shares issued to the shareholders and preferred stock represents the preference shares issued. Preference shares are given preference in payment of dividends and repayment of capital. Common shareholders get the inbuilt right to vote in decisions of the company and preference shareholders generally do not get this right but they may get voting rights with special provisions.

To prepare:

The journal entry to record the issuance of the stock.

Explanation

The journal entry to record the issuance of the stock is explained as follows:

Journal Entries
Date Account Titles Debit Credit
June...

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