Question
Morgan Stanley had the following transactions in June 2024: Issued 8,000 shares of common stock for $35 per share. Purchased land for $150,000, paying $50,000
Morgan Stanley had the following transactions in June 2024:
- Issued 8,000 shares of common stock for $35 per share.
- Purchased land for $150,000, paying $50,000 in cash and signing a note for the balance.
- Declared and paid dividends of $40,000.
Record the journal entries for these transactions and show how they would affect the cash flow statement.
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Managerial Accounting The Cornerstone of Business Decision Making
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
7th edition
978-1337116008, 1337116009, 1337115770, 978-1337516150, 1337516155, 978-1337115773
