6
During its first year of operations, Zhang's Electronics Incorporated completed the following transactions relating to shareholders'
equity.
January 5: Issued 1,500,000 shares of common stock for $30 per share.
February 12: Issued 25,000 shares of common stock to accountants for $750,000 of professional services.
The articles of incorporation authorize 5,000,000 shares of common stock with a par of $1 per share and 1,000,000 preferred shares
with a par of $100 per share.
Required:
Record the above transactions in general journal form.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
View journal entry worksheet
General Journal
No
1
Date
January 05
Cash
Common stock
Paid-in capital - excess of par
Debit
45,000,000
Credit