Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of

Question:

Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes Cell to issue 40,000 shares of 10%, $50 par preferred stock and 100,000 shares of no-par . Cell completed the following transactions:
Jan 2 Issued 21,000 shares of for equipment with a market value of $140,000.
6 Issued 600 shares of preferred stock to acquire a patent with a market value of $30,000.
9 Issued 11,000 shares of for cash of $66,000.
Requirements
1. Record the transactions in the general journal.
2. Prepare the stockholders’ equity section of the Cell at January 31. The ending balance of Retained earnings is $93,000.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...