In the issuance of common stock above per value, the credit is 14,000.00 in additional paid-in capital.
In the issuance of common stock at no per value, the credit and debit are 15,000.00
Debits and credits indicate where value is flowing into and out of a business. They must be equal to keep a company's books in balance.
In the above question,
Accounting titles
1. Recording the issuance of common stock above per value
Cash (1, 000× $15) : DEBIT = 15,000.00
Common stock (1000 × $1): CREDIT
= 1,000.00
Additional paid-in capital - common stock: CREDIT = 14,000.00
2. Recording the issuance of common stock at no par value
Cash (1000×$15) : DEBIT = 15,000.00
Common stock (1000× $15) : CREDIT = 15,000.00
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