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A-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Cell to issue 80,000 shares of 6%, $50 par value cumulative preferred stock and 180,000 shares of $2 par value common stock. During the first month, A-Cell completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 24,000 shares of common stock for a building with a market value of $130,000. Date Oct. 2 Accounts and Explanation Debit Credit Building Cash Oct. 6: Issued 55 Cash Dividends Date Oct. 6 Debit Credit Common Stock-$2 Par Value Dividends Payable-Common Dividends Payable-Preferred Paid-In Capital Excess of Par-Common Oct. 9: Issued 14 Date Debit Credit Paid-In Capital in Excess of Par-Preferred Preferred Stock-$50 Par Value Retained Earnings Treasury Stock-Common Oct. 10: Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Date Oct. 10 Oct. 25: Paid the cash dividend. Date Oct. 25 Accounts and Explanation Debit Credit Accounts and Explanation Debit Credit Requirement 2. Prepare the stockholders' equity section of A-Cell's balance sheet at October 31, 2024. Assume A-Cell's net income for the month was $90,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) A-Cell Wireless Balance Sheet (Partial) October 31, 2024 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity

A-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Cell to issue 80,000 shares of 6%, $50 par value cumulative preferred stock and 180,000 shares of $2 par value common stock. During the first month, A-Cell completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 24,000 shares of common stock for a building with a market value of $130,000. Date Oct. 2 Accounts and Explanation Debit Credit Building Cash Oct. 6: Issued 55 Cash Dividends Date Oct. 6 Debit Credit Common Stock-$2 Par Value Dividends Payable-Common Dividends Payable-Preferred Paid-In Capital Excess of Par-Common Oct. 9: Issued 14 Date Debit Credit Paid-In Capital in Excess of Par-Preferred Preferred Stock-$50 Par Value Retained Earnings Treasury Stock-Common Oct. 10: Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Date Oct. 10 Oct. 25: Paid the cash dividend. Date Oct. 25 Accounts and Explanation Debit Credit Accounts and Explanation Debit Credit Requirement 2. Prepare the stockholders' equity section of A-Cell's balance sheet at October 31, 2024. Assume A-Cell's net income for the month was $90,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) A-Cell Wireless Balance Sheet (Partial) October 31, 2024 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 8PB: Tent Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated...
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A-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Cell to issue 80,000 shares of 6%, $50 par value cumulative preferred stock and 180,000 shares of $2 par value common stock. During the first month, A-Cell completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 24,000 shares of common stock for a building with a market value of $130,000. Date Oct. 2 Accounts and Explanation Debit Credit Building Cash Oct. 6: Issued 55 Cash Dividends Date Oct. 6 Debit Credit Common Stock-$2 Par Value Dividends Payable-Common Dividends Payable-Preferred Paid-In Capital Excess of Par-Common Oct. 9: Issued 14 Date Debit Credit Paid-In Capital in Excess of Par-Preferred Preferred Stock-$50 Par Value Retained Earnings Treasury Stock-Common Oct. 10: Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Date Oct. 10 Oct. 25: Paid the cash dividend. Date Oct. 25 Accounts and Explanation Debit Credit Accounts and Explanation Debit Credit Requirement 2. Prepare the stockholders' equity section of A-Cell's balance sheet at October 31, 2024. Assume A-Cell's net income for the month was $90,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) A-Cell Wireless Balance Sheet (Partial) October 31, 2024 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity
Transcribed Image Text:A-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Cell to issue 80,000 shares of 6%, $50 par value cumulative preferred stock and 180,000 shares of $2 par value common stock. During the first month, A-Cell completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 24,000 shares of common stock for a building with a market value of $130,000. Date Oct. 2 Accounts and Explanation Debit Credit Building Cash Oct. 6: Issued 55 Cash Dividends Date Oct. 6 Debit Credit Common Stock-$2 Par Value Dividends Payable-Common Dividends Payable-Preferred Paid-In Capital Excess of Par-Common Oct. 9: Issued 14 Date Debit Credit Paid-In Capital in Excess of Par-Preferred Preferred Stock-$50 Par Value Retained Earnings Treasury Stock-Common Oct. 10: Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Date Oct. 10 Oct. 25: Paid the cash dividend. Date Oct. 25 Accounts and Explanation Debit Credit Accounts and Explanation Debit Credit Requirement 2. Prepare the stockholders' equity section of A-Cell's balance sheet at October 31, 2024. Assume A-Cell's net income for the month was $90,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) A-Cell Wireless Balance Sheet (Partial) October 31, 2024 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity
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