Western Wear Clothing issues 1,200 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $12 per share, record the issuance of common stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Respuesta :

Answer:

The journal entry is made as follows;

Explanation:

Bank  (1,200*12)          Dr.$ 14,400

Common Stock  (1,200*.01)                                                            Cr.$12

Paid up capital in excess of par-common stocks (14,400-12)  Cr.$14,388