Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal e impacted its stockholders' equity during its first year of operations. Transaction General Journal Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 50,000 Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses b. 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 25,000 C. 43,000 Accounts Receivable 15,000 Building 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock 30,000 Cash 120.000

Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal e impacted its stockholders' equity during its first year of operations. Transaction General Journal Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 50,000 Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses b. 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 25,000 C. 43,000 Accounts Receivable 15,000 Building 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock 30,000 Cash 120.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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