number 3 Do ullah aliyu le a Secure https://www.mathxl.com/Student/PlayerHomewor

Question

number 3

Do ullah aliyu le a Secure https://www.mathxl.com/Student/PlayerHomework.aspx?homeworkld 465651522&questionld-7;&flushed-false;&cld-4850108;&centerwin-yes; ACC 102 01 SP18 abdullah aliyu 3/25/18 Homework: Chapter 6 Graded Homework core: 0 of 12 pts 3 of 9 (1 complete) HW Score: 12% 13-24 (similar to) The charter of Magno (Click the icon to view the transactions.) Read the requirements lia Corporation authorizes the issuance of 800 shares of preferred stock and 3,500 shares of common stock. During a two-month period, Magnolia completed Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of ar. 23: Issued 240 shares of $1 par value common stock for cash of $16 per share a More Info Requirements 1. Record the transactions in the general journal. Mar 23 Issued 240 shares of $1 par value common stock for cash of Apr. 12 Received inventory with a market value of $24,000 and equipment with a market 2. Prepare the stockholders' equity section of the Magnolia balance sheet as of value of $14,000 for 350 shares of the $1 par value common stock. 17 Issued 800 shares of 5%, S 10 par value preferred stock for $ 10 per share. April 30, 2018, for the transactions given in this exercise. Retained Earnings has a balance of $72,000 at April 30, 2018 PrintDone Print Done

Explanation / Answer

Date Accounts and explanation Debit Credit 23-Mar Cash 240*16 $            3,840 Common stock 240*1 $                240 Paid in capital in excess of par-common stock $            3,600 (Common stock issued) 12-Apr Inventory $          24,000 Equipment $          14,000 Common stock 350*1 $                350 Paid in capital in excess of par-common stock $          37,650 (Inventory and equipment purchased) 14-Oct Cash 800*10 $            8,000 Preferred stock $          (8,000) (Preferred stock issued) Stockholder's equity section Common stock, $1 par, 3,500 shares authorized, 590 shares issued $                590 Paid in capital in excess of par-common stock $          41,250 Preferred stock $            8,000 Retained earnings $          72,000 $        121,840

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.