On January 2, 2019, AC Inc. issued 50,000 shares of its no-par-value common stock ($50 stated value)

Question:

On January 2, 2019, AC Inc. issued 50,000 shares of its no-par-value common stock ($50 stated value) for cash at $51 a share. Give the entry in general journal form to record the issuance of the stock.

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...