Complete this question by entering your answers in the tabs below. Required 1Req

Question

Complete this question by entering your answers in the tabs below. Required 1Required 2 n February 2029, to record the exercise of the warrants field. Enter your answers entry is required for a transaction/event, select "No journal entry required" in the first account millions and round to 2 decimal places (i.e., 5,500,000 should be entered as 5.50)) View transaction list Journal entry worksheet Record the exercise of the warrants for Limbaugh Note: Enter debits before credits Goneral Journal ash quity Common stock -stock warrants Record entry Viow general journal Required 1 acer SUNG Sc

Explanation / Answer

When warrants are exercised, it will be recorded as stock sales and it debits cash for the amount reveived and credits the common stock at par value, excess to par value is credited to paid in capital account.

Limbaugh Debit credit Cash 160 Common stock 160

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