Problem 40

On a sheet attached to the scantron, prepare a general journal for the following information. Simpson Corporation is authorized to issue 100,000 shares of no-par stock. The company recently sold 40,000 shares for $13 per share. Prepare the entry in journal form to record the sale of the stock assuming there is no stated value. Prepare the entry in journal form if a $10 stated value is authorized by the company's board of directors