g A corporation sold 26,000 shares of its $1 par value common stock at a cash price of $12 per share. The entry to record this transaction would be:

Debit Cash $312,000; credit Common Stock $26,000; credit Paid-in Capital in Excess of Par Value, Common Stock $286,000.

Explanation:

The journal entry to record the given transaction is shown below:

Cash Dr (26,000 shares × $12) $312,000

      To Common stock  (26,000 shares × $1) $26,000

      To Additional paid in capital in excess of par value - common stock $286,000

(Being the issuance of the common stock is recorded)

For recording we debited the cash as it increased the asset and credited the common stock and additional paid in capital as it also increased the equity

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so, to answer your question 1.

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- courtney