Hayes Corporation issues 100 shares of its $1 par value common stock for $15 per share.The entry to record the issuance will not include a:

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All of these options are necessary to record the issuance of stock. The company receives $1,500 cash for the stock issued, so there should be a debit to cash for $1,500. The stock is issued for more than its par value, so the difference between the selling price and par value, in this case $14 per share, goes to additional paid-in capital. Therefore, there should be a credit to additional paid-in capital for $1,400 ($14 x 100 shares). Finally, the par value of the stock issued must also be recorded, so there should be a credit to common stock for $100 ($1 par value x 100 shares).

Hayes Corporation Issues 100 Shares of Its $1 Par Value