Acompany issued 60 shares of $100 par value common stock for $7,000 cash. the journal entry to record the issuance is:

The journal entry to record the issuance is as following:

Debit Cash $7,000
Credit Common Stock $6,000Credit
Paid-in capital $1,000

A company must record its transaction when they issue their stock to the investors to collect funding for their business operations and investment. When the stock is issued, company receive cash for their business operation and the investors receive some portion of ownership of the company. This issuance of the stock transaction shows that there is an excess of par value. We have to record a different credit account besides of the Common Stock Account called the paid-in capital if there is a difference between the stock's par value and the amount given by the investors for the stock. This term does not show that the company gains benefit from the excess of par, but it shows that the investors contribute an additional amount for the investment.

$527.7.if the following was the question  $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?