January 15 March 1 July 12 Issued 4,900 shares of common stock for cash at $10 per share Issued 9,000 shares of preferred stock for cash at $113 per share Issued 32,000 shares of common stock for cash at $9 per share Issued 4,600 shares of preferred stock for cash at $111 per share Issued 21,500 shares of common stock for cash at $13 per share October 10 December 1 Runnels Abstract Designs Company was started on January 1, 2009. The company is authorized to issue 54,000 shares of 7%, $108 par value preferred stock and 590,000 shares of common stock with a par value of $8 per share. The following stock transactions took place during 2009: (Click the icon to view the stock transactions.) Requirements 1. Show each transaction in the accounting equation. Some of the account names will be abbreviated. January 15: Runnels issued 4,900 shares of common stock for cash at $10 per share. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Shareholders' Equity Assets Liabilities + Contributed Capital + Retained Earnings Account Account $ Account Account March 1: Runnels issued 9,000 shares of preferred stock for cash at $113 per share. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Shareholders' Equity Contributed Capital + Retained Earnings Assets Liabilities Account Account Account Account July 12: Runnels issued 32,000 shares of common stock for cash at $9 per share. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Shareholders' Equity Assets Liabilities + Contributed Capital Account Account Account Retained Earnings Account N + October 10: Runnels issued 4,600 shares of preferred stock for cash at $111 per share. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Shareholders' Equity Assets Liabilities + + Contributed Capital Account Retained Earnings Account Account Account + + December 1: Runnels issued 21,500 shares of common stock for cash at $13 per share. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Assets Liabilities + Shareholders' Equity Contributed Capital + Retained Earnings Account Account Account Account 2. Prepare the contributed capital portion of the stockholders' equity section of the balance sheet at December 31, 2009. Shareholders' equity: par, 7% shares authorized; shares issued and outstanding ......... par, shares authorized; shares issued and outstanding ....... Total contributed capital .......... l a
