1.

Beamsley Corporation was organized in 2020 to operate a financial consulting business. The charter authorized 12,000 common shares, no par value. During the first year, the following selected transactions were completed:

a. Issued 5,500 shares of common shares for cash at $35 per share.

b. Issued 1,500 shares of common shares for cash at $38 per share.

Required:

1.Show the effects of each transaction on the accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)

Transaction	Assets		=			+	Shareholders' Equity
a.
b.

2.Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet
0	1	2
	Record the issue of the transaction. Record the transaction
	5,500 common shares for cash, at $35 per share. Record
	Transaction	General Journal		Debit	Credit
	Recordentry	Clear Entry		View General Journal

1. Prepare the shareholders equity section as it should be reported on the 2020 year-end balance sheet. At year-end, the accounts reflected a profit of $100.

Shareholders Equity
Contributed capital:
Total contributed capital
Shareholders equity

4-a. Beamsley Corporation has $30,000 in the companys bank account. Should the company declare cash dividends at this time?

• Yes
• No

4-b. This part of the question is not part of your Connect assignment.