Chamni Corporation was formed on July 21, 2018. On this date, the corporation raised $120,000 cash by issuing 10,000 shares of $5 par value common stock. It also paid $2,300 cash for incorporation and legal fees to form and register the corporation. Write the journal entries to record the stock issuance and organization expenses.

Answer rating: 100% (QA)

Date General Journal Debit Credit Jul21 Cash 120000 Co... View the full answer