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On January 1, Vera Clothing Inc. issued 10,000 shares of common stock, $5 par for $200,000. Related to this issuance, the company incurred legal and accounting fees of $5,000 and administrative fees of $5,000. Prepare the journal entry on January 1.

On January 1, Vera Clothing Inc. issued 10,000 shares of common stock, $5 par for $200,000. Related to this issuance, the company incurred legal and accounting fees of $5,000 and administrative fees of $5,000. Prepare the journal entry on January 1.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, Vera Clothing Inc. issued 10,000 shares of common stock, $5 par for $200,000. Related to this issuance, the company incurred legal and accounting fees of $5,000 and administrative fees of $5,000. Prepare the journal entry on January 1. Account Name Dr. 200,000 Date Jan. 1 Cash Common Stock Paid-in Capital in Excess of Par-Common Stock To record the issuance of stock. 0 0 Cr. 0x 50,000✔ 150,000 x
Transcribed Image Text:On January 1, Vera Clothing Inc. issued 10,000 shares of common stock, $5 par for $200,000. Related to this issuance, the company incurred legal and accounting fees of $5,000 and administrative fees of $5,000. Prepare the journal entry on January 1. Account Name Dr. 200,000 Date Jan. 1 Cash Common Stock Paid-in Capital in Excess of Par-Common Stock To record the issuance of stock. 0 0 Cr. 0x 50,000✔ 150,000 x
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