On Sept. 1, Paddington, Inc., issued 1,000 shares of $10 stated value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

On Sept. 1, Paddington, Inc., issued 1,000 shares of $10 stated value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

On Sept. 1, Paddington, Inc., issued 1,000 shares of $10 stated value common stock for cash of $10 per share.
Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in
the debit or credit columns.
Answer is complete but not entirely correct.
No
Date
General Journal
Debit
Credit
Cash
10,000
Common stock, $10 par value
10,000
1
Sept. 1

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