Western Wear Clothing issues 2,900 shares of its $0.03 par value common stock to

Question

Western Wear Clothing issues 2,900 shares of its $0.03 par value common stock to provide funds for further expansion. Assuming the issue price is $20 per share, what is the journal entry to record the share issue? (If no entry is required for an event, select "No journal entry required" in the first account field.)

Cash (Debit):

Common stock(Credit):

additional paid in capital (Credit):

Western Wear Clothing issues 2,900 shares of its $0.03 par value common stock to provide funds for further expansion. Assuming the issue price is $20 per share, what is the journal entry to record the share issue? (If no entry is required for an event, select "No journal entry required" in the first account field.)

Explanation / Answer

Cash: 58000 Common stock: 87 Additional paid-in capital: 57913

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