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:

1. Issued 5,000 shares of common shares for cash at $15 per share.
2. Issued 1,000 shares of common shares for cash at $18 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.) 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:

1. Issued 5,000 shares of common shares for cash at $15 per share.
2. Issued 1,000 shares of common shares for cash at $18 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.)

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.)

a. Record the issue of 5,000 common shares for cash, at $15 per share. Record the transaction. Record the transaction

b.Record the issue of 1,000 common shares for cash, at $18 per share. Record the transaction

3. 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.

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

Yes

No