The entry to record this transaction would be:
Debit Cash $38,000
Credit Common stock $38,000
We know that cash is an asset hence debited because it decreases as it was used to pay for bills while common stock is credited because it increases shareholder's equity.
Therefore,
Cash account Dr $38,000
(3,800 shares × $10)
To
Common stock account Cr $38,000
Therefore, the corporation would record the transaction as ; Debit Cash $38,000 , Credit Common stock $38,000
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