Moonwalker Corporation issued 2.000 shares of its $10 par value common stock for $60.000 Moonwalker also incurred $1 500 of costs associated with issuing the stock Prepare Moonwalker's journal entry to record the issuance of the company's stock S60 000 O Cash Common Stock Additional Paid in-Capital C/S O Cashi Common Stock Additional Paid in Capital CIS $38 500 $20 000 $40.000 $68 500 320 000 Cash 000 09$ $20 000 Common Stock Additional Paid-in-Capital PIS 540 000 Cash 358 500 Common Stock Adotional Paic in Capral P/S 538 500 $20 000
Moonwalker Corporation issued 2.000 shares of its $10 par value common stock for $60.000 Moonwalker also incurred $1 500 of costs associated with issuing the stock Prepare Moonwalker's journal entry to record the issuance of the company's stock S60 000 O Cash Common Stock Additional Paid in-Capital C/S O Cashi Common Stock Additional Paid in Capital CIS $38 500 $20 000 $40.000 $68 500 320 000 Cash 000 09$ $20 000 Common Stock Additional Paid-in-Capital PIS 540 000 Cash 358 500 Common Stock Adotional Paic in Capral P/S 538 500 $20 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Moonwalker Corporation issed 2.000 shares of its $10 par value common stock for $60 000 Moonwalker also incurred $1 500
of costs associated with issuing the stock
Prepare Moonwalker's journal entry to record the issuance of the company's stock
$60 000
O Cash
Common Stock
$20 000
Additional Paid-in-Capital CS $40 000
O Cash
Common Stock
$58 500
$20 000
Additional Paid in Capital CIS $38 500
O Cash
Common Stock
接90095
320 000
Additional Paid-in-Capital PIS $40 000
Cash
$58 500
$20 000
Adctional Paidin Capital P/S S38500
Expert Solution
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Step 1
Introduction:
Journals:
Recording of a business transactions in a chronological order.
First step in the preparation of final accounts is recording journals.
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