Buffalo Corporation issued 1,600 shares of its $10 par value common stock for $5

Question

Buffalo Corporation issued 1,600 shares of its $10 par value common stock for $55,700. Buffalo also incurred $1,600 of costs associated with issuing the stock.

Prepare Buffalo’s journal entry to record the issuance of the company’s stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

Account Titles and Explanation

Debit

Credit

Explanation / Answer

Account Titles and Explanation Debit Credit Cash $54,100 Common Stock $16,000 Paid-in Capital in Excess of Par $38,100

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