E13-23 (similar to) Question Help The charter for KVIP-TV, Inc. authorizes the company to issue 100,000 shares of $2, no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase, KVIP-TV completed the following transactions: (Click on the icon to view the transactions) Read the requirements Requirement 1. Record the transactions in the general journal. (Record debits tirst, then credits. Select the explanation on the last line of the journal entry table.) Sep. 6: Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000. Date Sep. 6 Accounts and Explanation Cash Common Stock-$1 Par Value Paid-In Capital in Excess of Par-Common Debit Credit 7500 Issued common stock for cash. Choose from any list or enter any number in the input fields and then click Check Answer 3 parts remaining Clear All 250 7250 Check Answer