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Army Navy Stores is authorized to issue 14,000 shares of common stock. During a two-month period, Army Navy completed these stock transactions: (Click the icon
Army Navy Stores is authorized to issue 14,000 shares of common stock. During a two-month period, Army Navy completed these stock transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions. Begin by journalize the transaction on May 23. (Record debits first, then credits. Exclude explanations from any journal entries.) Date May 23 Requirements Journal Entry Accounts Debit Credit 1. Journalize the transactions. 2. Prepare the stockholders' equity section of Army Navy's balance sheet for the transactions. The company's Retained Earnings account has a balance of $47,000
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