Weaver Electronics will record the following journal entry for this stock issuance transaction.
Journal Entry:
Debit Cash $60,000
Credit Common Stock $40,000
Credit Additional Paid-in Capital $20,000
- To record the issuance of 20,000 shares of $2 stated value at $3 per share.
Data Analysis:
Cash $60,000 Common Stock $40,000 Additional Paid-in Capital $20,000
Thus, the journal entry Weaver Electronics uses to record the above stock issuance transaction is a debit to Cash of $60,000 and credits to Common Stock of $40,000 and Additional Paid-in Capital of $20,000.
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