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During the current year JET Industries issued 5 million of its $1 par common shares to its underwriters for $25,000,000 less promotional and accounting services of $500,000 to effect the issue. Required: Prepare the journal entry to record the issuance of the shares

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Answer:

Check the explanation

Explanation:

When it comes to journal entry, it involves keeping or making or creating records of whichever transactions either an Economic transaction or a non economic one. The transactions are scheduled in an accounting journal which reveals an organization’s credit and debit balances.

The diagram showing the journal entry for recording the issuance of the shares can be seen in the attached image below.

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