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20 April, 03:04

Record the issuance of additional shares for $1,469 cash; total par value was $1 and the rest was in excess of par value.

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  1. 20 April, 03:48
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    cash 1,469 debit

    common stock 1 credit

    additional paid-in 1,468 credit

    --to record issuance of shares in exchange of cash--

    Explanation:

    We are given the fact that total par value of the shares is $1

    thus, the remained will be additional paid-in excess of Common stock.

    We debit the cash received as it is an asset

    Then, we credit both, common stock and additional paid-in excess of Common Stock as they are equity accounts.
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