Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect. Rules of Debit and Credit: Debit all increase in assets, expenses and all decrease in liabilities, equities and revenues account. Credit all increase in liabilities, revenues, and equities, and all decrease in assets, expenses. To Journalize: The issuance of 4,500 shares of common stock for $6 per share for Company C.

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Chapter 13, Problem 13.2SE

1.

To determine

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of Debit and Credit:

Debit all increase in assets, expenses and all decrease in liabilities, equities and revenues account.

Credit all increase in liabilities, revenues, and equities, and all decrease in assets, expenses.

To Journalize: The issuance of 4,500 shares of common stock for $6 per share for Company C.

2.

To determine

To Journalize: The issuance of 4,500 shares of preferred stock for $135,000 for Company C.

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