eBook Show Me How Print Item Question Content Area Issuing stock for assets other than cash On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 20,000 shares of $20 par common stock with a current market price of $28. Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Nov. 23

eBook Show Me How Print Item Question Content Area Issuing stock for assets other than cash On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 20,000 shares of $20 par common stock with a current market price of $28. Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Nov. 23

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.1: Determining The Quantity Of Merchandise Inventory

Problem 1WT

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Issuing stock for assets other than cash

On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 20,000 shares of $20 par common stock with a current market price of $28.

Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank.

Date	Account	Debit	Credit
Nov. 23

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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