It's the end of the month, and the owner is concerned about unlimited liability being a sole proprietorship. Therefore, the company is converting to a corporation. The owner will receive 1,000 shares of $75 par common stock for the original investment. Do the required entry and post to the general ledger using the excel templates provided. Once you updated the general ledger, create a Trial Balance to ensure that your debits equal your credits.

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1 Journal Entry Debit Common Stock 75000 Credit Paidin Cap... View the full answer