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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Scarecrow Inc. issues 50,000 shares of $2 par value common stock. The shares are sold for $25 per share. Prepare the journal entry to record the issuance of the stock.
Prepare the journal entry to record the issuance of the stock.
Journal entry:
Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.
Accounting rules for Journal entries:
- • To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.
- • To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains
Issuance of stock:
It refers to the number of shares that are sold to the stockholders from number of shares authorized for issuance by the company.
Common stock:
These are the ordinary shares that a corporation issues to the investors in order to raise funds. In return, the investors receive a share of profit from the profits earned by the corporation in the form of dividend
Record the journal entry:
| Date |
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