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A corporation issued 2,500 shares of its no par common stock at a cash price of $11 per share. The entry to record this transaction would be:

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Answer:

Date  Account Titles and Explanation          Debit        Credit

          Cash                                                    $27,500

                Common stock                                                 $27,500

          (Being shares issued at cash price recorded)

Common stock = 2,500 shares * $11

Common stock = $27,500

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