Certificate Of Deposit Issued At Par
August 9th, 2010
Question: Accounting question (REALLY NEED SOME HELP)?
How would you journalize the following deposit?
Ms. Smith opened a business checking account at Wells Fargo Bank by depositing the personal check she gave her company for $6000. The corporation issued her a stock certificate #100 for 1000 shares of common stick at $1 par value.
I’d really appreciate any kind of help.
Answer: Dr Cash $6,000
Cr Common stock $1,000
Cr Additional paid-in capital in excess of par $5,000
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