Question - Rocky Mountain Sounds Corp., an electric guitar retailer, was organized by Cathy Dewitt, Melody Leimbach, and Mario Torres. The charter authorized 250,000 shares of common stock with a par of $40. The following transactions affecting stockholders' equity were completed during the first year of operations.
Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank.
a. Issued 10,000 shares of stock at par to Cathy Dewitt for cash.