Brief Exercise 112 On May 10 Concord Corporation issues 2700

Brief Exercise 11-2 On May 10, Concord Corporation issues 2,700 shares of $6 par value common stock for cash at $15 per share Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry\" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 10

Solution

Journal entry :

Date	account titles and explanation	debit	credit
May 10	Cash (2700*15)	40500
	Common Stock (2700*6)		16200
	Paid in capital in excess of par value-Common Stock		24300
	(To record issue common stock)