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    Flom's Avatar
    Flom Posts: 1, Reputation: 1
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    #1

    May 3, 2007, 10:57 PM
    Journal Entry
    How do you make a journal entry and t-acct for the following question:

    The board of directors has authorized to 1,000,000 shares of $1 par value commone stock. On Jan. 2 Jayhawk COrp. issues 100,000 shares at $5 per issues
    goldenbutterfly's Avatar
    goldenbutterfly Posts: 63, Reputation: 8
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    #2

    May 6, 2007, 09:25 AM
    You only need a memo entry to record the authorization. For the Jan 2 transaction (assuming the issuance was paid entirely in cash):

    dr. Cash 500,000
    Cr. Common Stock 100000
    Cr. Additional paid in capital in excess of par 400000
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