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Journalize issuance of common stock

Author:
September 9th, 2022

During its first year of operations,Ritter Corporation had these transactions pertaining to its common stock.
JAN. 10 ISSUED 90,000 SHARES FOR CASH AT $5 PER SHARE.
JULY 1 ISSUED 50,000 SHARES FOR CASH AT $7 PER SHARE.

INSTRUCTIONS

A, JOURNALIZE THE TRANSACTIONS, ASSUMING THAT THE COMMON STOCK HAS A PAR VALUE OF $5 PER SHARE.

B,JOURNALIZE THE TRANSACTIONS, ASSUMING THAT THE COMMON STOCK IS NO-PAR WITH A STATED VALUE OF $1 PER SHARE.

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