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Record each transaction in the​ journal, using the following account​ titles: Cash; Accounts​ Receivable; Office​ Supplies; Prepaid​ Insurance; Land;​ Building; Furniture; Accounts​ Payable; Utilities​ Payable; Notes​ Payable; Common​ Stock; Dividends; Service​ Revenue; Salaries​ Expense; Rent​ Expense; and Utilities Expense. Explanations are not required. ​(Record debits​ first, then credits. Exclude explanations from journal​ entries.) Jan. ​1: Murphy contributed $78,000 cash to the​ business, Terrence Murphy​, Attorney. The business issued common stock to Murphy.

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Answer and Explanation:

The journal entry is shown below:

Cash Dr $78,000

        To Common stock $78,000

(Being the common stock is issued)

According to the given situation, the journal entry for issuance of the stock is presented above and the same is to be considered. The cash account is debited and shown on the debit side while the common stock is credited and the same shown on the credit side

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