'The Speedy Clinic issued 4,000 additional shares of capital stock to Dr. Soges at $50 per share'
What gets debited what gets credited on the General Journal?
I think:
Capital Stock: Debit
Cash: credit
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'The Speedy Clinic issued 4,000 additional shares of capital stock to Dr. Soges at $50 per share'
What gets debited what gets credited on the General Journal?
I think:
Capital Stock: Debit
Cash: credit
Cash will be Debited because you are receiving cash. The amount will be 4,000 shares times $50 a share.
For the stock you should know the par value. If there is no par value, then you will Credit Capital Stock for the same amount as the cash received.
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