On June 1, Donkey Inc. issues 3,000 shares of no-par common stock at a cash price of

Question:

On June 1, Donkey Inc. issues 3,000 shares of no-par at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...