Problem - During its first year of operations, Harlan Corporation had the following transactions pertaining to its common stock. (List multiple debit/credit entries in descending order of amount.)
Jan. 10 Issued 70,000 shares for cash at $5 per share.
July 1 Issued 40,000 shares for cash at $7 per share.
Journalize the transactions, assuming that the common stock has a par value of $5 per share.
Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.