Learning Outcome 1 Leighton Inc issued 5250 shares of 5 par

(Learning Outcome 1) Leighton Inc. issued 5,250 shares of $5 par value common stock at $15 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

Solution

Debit Amount Cash 78750 =5250*15 Credit Amount Common Stock 26250 =5250*5 Paid in capital in excess of par-Common Stock 52500 =5250*10