The journal entry that records the acquisition of land and a building by issuing common stock includes the following.
The journal entry for the acquisition of any asset is a debit entry.
The corresponding credit entry goes to the liability or equity account or another asset to keep the accounting equation in balance.
This is in line with the double entry system of bookkeeping that prescribes that for every transaction, there must a debit and a corresponding credit entry.
Thus, the journal entry that records the acquisition of land and a building by issuing common stock includes debit entries to the Land account and Building account, and a credit entry to the Common Stock account.
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