2.25 points To expand operations, Aragon Consuting issued 1,550 shares of previo

Question

2.25 points To expand operations, Aragon Consuting issued 1,550 shares of previously unssued common slock with no par value 1. Complete the table below, indicating the account, amount, and drection of the eftect for the ssuance of the no par valuo stock at $50 (Enter any decreases to account balances with a minus sign) 2. Prepare the jourl ety for the issuance of the no-pai value stock at $50 (if no entry is requiced for a transac select "No Journal Entry Required" in the first account field.) Type here to seaich 8 5 6

Explanation / Answer

1)

Cash

( 1550 share * $ 50)

Common stock

(1,550 * 0)

Additional paid- in capital

( $1550 * $50)

2) Record the journal entry as follows:

Assets Amount  ($) = liabilities Amount  ($) + Shareholder's Equity Amount ($)

Cash

( 1550 share * $ 50)

77,500 = +

Common stock

(1,550 * 0)

0

Additional paid- in capital

( $1550 * $50)

77,500

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