Recording Sales and Cost of Goods Sold and Issuance of Par Value Stock Prepare journal entries for
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Recording Sales and Cost of Goods Sold and Issuance of Par Value Stock
Prepare journal entries for each transaction listed in M5-5.
Data from M5-5
a. Sales on account were $800 and related cost of goods sold was $350.
b. Issued 5,000 shares of $1 par value stock for $80,000 cash.
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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a Accounts receivable A 800 Sales revenue R SE 800 Cost of goods sold E SE ...View the full answer
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