the same question Brief Exercise 10-4 Record issuance of common stock (LO10-2) G

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Brief Exercise 10-4 Record issuance of common stock (LO10-2) Gothic Architecture is a new chain of clothing stores specializing in the color black. Gothic issues 1,000 shares of its $1 par value common stock at $13 per share. Record the issuance of the stock. How would the entry differ if Gothic issued no-par value stock? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the issuance of common stock above the par value

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Transaction 1 Debit Credit Cash (1,000 shares x $13 per share) $ 13,000.00 Common Stock, no par     $ 13,000.00 To record issuance of 1,000 shares for cash.         Transaction 2 Cash (1,000 shares x $13 per share) $ 13,000.00 Common Stock, $1 par (1,000 shares x $1 par per share)     $    1,000.00 Paid-In Capital in Excess of Par Value—Common (13,000 cash – 1,000 par)     $ 12,000.00 To record issuance of 1,000 shares of stock for cash.

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