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A company sells 1 million shares of common stock with no par value for $15.50 a share. In recording the transaction, it would debit:

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In recording the transaction, it would debit: Cash and credit Common Stock for $15.50 million.

Based on the information given the common stock does not have stated value, therefore the journal entry will includes a debit to Cash and a credit to Common Stock for $15.50 million calculated as:

Debit Cash $15.50 million

Credit Common Stock $15.50 million

(1 million shares × $15.50 per share)

(To record common stock)

Inconclusion in recording the transaction, it would debit: Cash and credit Common Stock for $15.50 million.

Learn more about common stock here:https://brainly.com/question/25765493

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