Cooper Company issues stock to new investors, $34,000. Indicate the effect that this transaction has on individual asset accounts, individual liability accounts, Capital Stock account and Retained Earnings account.
The journal entry will be:
Cash A/c Dr. 34000
Capital Stock A/c 34000
Following will be affected:
1) Asset namely Cash account will increase by ...
Solution briefly lays out the required journal entry and a list of affected items.