Question

On january 2, carlton, inc. , issued 100 shares of $10 par value common stock for cash of $10 per share.

Answer 1

The journal entry of the given case is present in the image below.

What is journal entry?

Journal entry is defined as a primary recording of the financial transactions. Transactions are named in an accounting journal that presents a debit and credit balances of the company.

According to the given information,

Number of shares issued = 100

Par value per share = $10

Issue price per share = $10

Then the amount of total Cash received is:

$=\text{Issue Price Per Share} \times \text{Number of shares Issued}\\\\=\ 10 \times 100\\\\=\ 1,000$

Total par value would be $1,000. Therefore, the journal entry is listed in the image below.

Learn more about the journal entry, refer to:

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