On May 1, 2019, Antonelli Corporation received a subscription from Angelina Paz for 700 shares of its

Question:

On May 1, 2019, Antonelli Corporation received a subscription from Angelina Paz for 700 shares of its $1 par-value common stock at a price of $28 a share.
Paz made a payment of $14.00 per share on the stock at the time of the subscription. Give the entries in general journal form to record receipt of the subscription and the cash payment.
Prepare entries on June 1, 2019, to record payment of the balance of Paz’s subscription and issuance of the stock. arrow

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... Corporation
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