Question

requirement 1. record the transactions in the general journal (record debits first, then credits. select the explanation on the last line of the journal entry table )
october 2 issued 25,000 shares of common stock for a building with a fair value of $340,000

Explanation:

Step1: Identify the accounts involved

The company is receiving a building (an asset) and issuing common stock (equity).

Step2: Determine the debit and credit

Debit the Building account (increase in asset) and credit the Common Stock account (increase in equity).

Answer:

Date	Accounts and Explanation	Debit	Credit
	Common Stock		340000
	(Issued common stock for building)