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B-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B- Cell to issue 60,000 shares of 7%, $50 par value cumulative preferred stock and 100,000 shares of $1 par value common stock. During the first month, B- Cell completed the following transactions: 1 (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) More Info - X O Requirements Record the transactions in the general journal. 2. Prepare the stockholders' equity section of B- Cell's balance sheet at October 31, 2018. Assume B- Cells net income for the month was $89.000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) Oct. 2 Issued 21,000 shares of common stock for a building with a market value of $210,000. 1. Oct. 6 Issued 950 shares of preferred stock for $90 per share. Oct. 9 Issued 14,000 shares of common stock for cash of $84,000. Declared a $12,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 10 Oct. 25 Paid the cash dividend Print Done Assume B- Cell's net income for the month was $89,000.

B-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B- Cell to issue 60,000 shares of 7%, $50 par value cumulative preferred stock and 100,000 shares of $1 par value common stock. During the first month, B- Cell completed the following transactions: 1 (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) More Info - X O Requirements Record the transactions in the general journal. 2. Prepare the stockholders' equity section of B- Cell's balance sheet at October 31, 2018. Assume B- Cells net income for the month was $89.000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) Oct. 2 Issued 21,000 shares of common stock for a building with a market value of $210,000. 1. Oct. 6 Issued 950 shares of preferred stock for $90 per share. Oct. 9 Issued 14,000 shares of common stock for cash of $84,000. Declared a $12,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 10 Oct. 25 Paid the cash dividend Print Done Assume B- Cell's net income for the month was $89,000.

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...
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B- Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B- Cell to issue 60,000 shares of 7%, $50 par value cumulative preferred stock and 100,000 shares of $1 par value common stock. During the first month, B- Cell completed the following transactions: a (Click the icon to view the transactions.) Read the reguirements. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) More Info Requirements Oct. 2 Issued 21,000 shares of common stock for a building with a market value of $210,000. 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of B- Cell's balance sheet at October 31, 2018. Assume B - Cell's net income for the month was $89,000. Oct. 6 Issued 950 shares of preferred stock for $90 per share. Oct. 9 Issued 14,000 shares of common stock for cash of $84,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) Declared a $12,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 10 Oct. 25 Paid the cash dividend. Print Done Assume B - Cell's net income for the month was $89,000. Print Done
Transcribed Image Text:B- Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B- Cell to issue 60,000 shares of 7%, $50 par value cumulative preferred stock and 100,000 shares of $1 par value common stock. During the first month, B- Cell completed the following transactions: a (Click the icon to view the transactions.) Read the reguirements. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) More Info Requirements Oct. 2 Issued 21,000 shares of common stock for a building with a market value of $210,000. 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of B- Cell's balance sheet at October 31, 2018. Assume B - Cell's net income for the month was $89,000. Oct. 6 Issued 950 shares of preferred stock for $90 per share. Oct. 9 Issued 14,000 shares of common stock for cash of $84,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) Declared a $12,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 10 Oct. 25 Paid the cash dividend. Print Done Assume B - Cell's net income for the month was $89,000. Print Done
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