Todd Inc. issued 2,000 shares of $15 par value common stock at $18 per share for...

Todd Inc. issued 2,000 shares of $15 par value common stock at $18 per share for cash. A) What Account/s and Amounts would you DEBIT, B) What Account/s and Amounts would you CREDIT. You must answer A) and B) correctly to receive full credit for this question.

Expert Solution

A) Cash Account will be debited with $ 36000.00

B) Credit Additional paid in capital with $ 6000.00 and Credit Common Stock by $ 30000.00.

Following Journal entry will be made

Cash $ 36000 .00

Additional Paid In Capital $ 6000.00

Common Stock $ 30000.00

(Common Stock issued at premium)

ekkarill92 answered 1 year ago

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