Bean Co. began operations on July 1 by issuing 40,000 shares of $5 par value...
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Accounting
Bean Co. began operations on July 1 by issuing 40,000 shares of $5 par value common stock for cash at $15 per share. On July 27, it issued 3,200 shares of common stock to attorneys in settlement of their bill of $32,000 for organization costs. Journalize both issuances, assuming the stock is not publicly traded.
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