Journalize the following: Jan. 12 Plank Co. sells 1,200 shares of $28 par-value common stock at $28.

Question:

Journalize the following:

Jan. 12 Plank Co. sells 1,200 shares of $28 par-value common stock at $28.

Oct. 21 Johnson Co. sells 300 shares of $6 par-value common stock at $24.

Nov. 29 Anton Co. sells 200 shares of no-par common stock with a stated value of $22 for $27 per share.

Dec. 22 Lowell Co. issues 690 shares of $10 par-value common stock to organizers of the firm for services rendered costing $7,000.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...