On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit

On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)