Question: Use the following information to answer the question below. Sanpin Motors is authorized to issue 100,000 shares of no-par stock. The company recently sold

Use the following information to answer the question below. Sanpin Motors is authorized to issue 100,000 shares of no-par sto

General Journal Date Accounts/ Description Post Ref Debit Credit

Use the following information to answer the question below. Sanpin Motors is authorized to issue 100,000 shares of no-par stock. The company recently sold 40,000 shares for $13 per share. a. Prepare the entry in journal form to record the sale of the stock assuming there is no stated value. b. Prepare the entry in journal form if a $10 stated value is authorized by the company's board of directors. General Journal Accounts/ Post Date Debit Credit Description Ref

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