Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help for the question in the photo. First 5 photos are the journal entries that need answered for A. The 6th photo is the
Need help for the question in the photo. First 5 photos are the journal entries that need answered for A. The 6th photo is the transactions regarding A that are zoomed in so it easier for you to read. Last photo is B that needs answered. Time is limited so please respond ASAP
37 Fast Cars Inc. was authorized to issue 50.000 $150 preferred shares and 300.000 common shares During 2020. its first year of operations, the following selected transactions occurred 12 14. of the preferred shares were set 13.00 per share it Yeb 15, of shares tres for a total of $110,000 3,000 of the contre given to the game of the corporation wing their efforts. There were vale a total of 2.0 Hwy 11 11,000 preferred tres and 15.00 con shares were issued at $13.12.1 respectively cash Dec. The commary account at cluse it show debit balance of $310.000 Theber 3116 Fast Can's year and Required a. Journalize the above transactions Journal entry worksheet er mee of shareste organer for the war March 2010 37 Fast Cars Inc w authored to be 50.000 $150 preferred shares and 300.000 Cormon shares During 2020, its first year of operations, the following selected trosactions occurred ni 14, the preferred share wirelesed at share a 13,000 of the there for a total of $110,00 Mar. 19 1. le ta the organs of the corporation regarding the sort. There was a total of 133,00 15 11.0 preferred whers 1. Co share were $13.10. reactively cach tes. The many wschodit twee lance of $3,0 cm LA Required: 2. Jouma testove transactions Journal entry worksheet 3 Record the watered and common the 4 > May 15 2000 37 Fast Cars in wo umored to 50,000 $150 preferred shares and 300.000 common shares During 2020, its first year of ciperontolong selected transactions occurred 14. of the preferred where were issued at 313.60 perare cas, Felt, often share it for a total of 116cas 303,00 e como share with the organ of the corporation regarding their forts. There were valued at a tal of $3,300 Hay 1 11.00 ed shares and 15.000 como share wisata 1), 10 and 11.50 respectively cash De The One Sy was cloud: showed a debit balince of $110.00 December Tast parent Required: Joule the stove transaction 13 po Journal entry worksheet 3 4 5 > Record to chase the come my account D Dabe Credit Decret 3000 Fast Cars Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2020. its first year of operations, the following selected transactions occurred: Jan. 1 4,000 of the preferred shares were issued at $13.00 per share; cash. Feb. 5 15,000 of the common shares were issued for a total of $116,000; cash. Mar. 20 3,000 of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $27,800. May 15 11,000 preferred shares and 15,000 comon shares were issued at $13.10 and 59.50 respectively, cash. Dec. 31 The Income Summary account was closed; it showed a debit balance of $319,000. December 31 Fast Can's year-end. 18 Required: A. Journalize the above transactions View transaction list Journal entry worksheet 4 5 Record the issue of preferred shares Record entry Clear entry View general journal b. Prepare the equity section of Fast Car's balance sheet at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) FAST CARS INC Equity Section of the balance Sheet December 31, 2020 Contributed capital Total contributed capital Total equity a. (5 photos, 5 entries)
Close up of the transactions for a. (see first)
b. below
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started