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
 
   
 
 
   
 
 
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