On January 2, 2019, Cotton Inc. issued 35,000 shares of $10 par-value common stock and 5,000 shares of 8 percent, $50 par-value preferred stock for cash at par value. Prepare a journal entry to record the issuance of the stock.

Journal entry worksheet

• Record the issuance of common stock at $10 per share and preferred stock at $50 per share.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Jan 02, 2019