Partners Meeks and Olsen wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as M & O Services, Inc. The charter from the state of Texas authorizes the corporation to issue 15,000 shares of 4 percent, $200 par preferred stock and 200,000 shares of no-par common stock. In its first month, M&O Services, Inc., completed the following transactions: (Click the icon to view the transactions.) More Info R jo Jan 3 Issued 5,800 shares of common stock to Meeks and 3,300 shares to Olsen, both for cash of $8 per share. 12 Issued 1,000 shares of preferred stock to acquire a patent with a market value of $200,000 22 Issued 1,000 shares of common stock to other investors for 59 cash per share. Print Done Choose from any list or enter any number in the input fields and then continue to the next question 2 Partners Meeks and Olsen wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as M&O Services, Inc. The charter from the state of Texas authorizes the corporation to issue 15,000 shares of 4 percent, $200 par preferred stock and 200,000 shares of no-par common stock. In its first month, M& O Services, Inc., completed the following transactions: Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the journal (Record debits first, then credits. Exclude explanations from any journal entries.) Jan 3: Issued 5,800 shares of common stock to Meeks and 3,300 shares to Olsen, both for cash of $8 per share. (Prepare a single journal entry for the issuance to both individuals.) Journal Entry Date Accounts Debit Jan 3 Credit Partners Meeks and Olsen wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as M & O Services, Inc. The charter from the state of Texas authorizes the corporation to issue 15,000 shares of 4 percent, $200 par preferred stock and 200,000 shares of no-par common stock. In its first month, M&O Services, Inc., completed the following transactions: Click the icon to view the transactions.) Read the requirements Jan 12: Issued 1,000 shares of preferred stock to acquire a patent with a market value of $200,000 Journal Entry Date Accounts Debit Credit Jan 12 Partners Meeks and Olsen wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as M & O Services, Inc. The charter from the state of Texas authorizes the corporation to issue 15,000 shares of 4 percent, $200 par preferred stock and 200,000 shares of no par common stock. In its first month, M & O Services, Inc., completed the following transactions: Click the icon to view the transactions.) Read the requirements Jan 22: Issued 1,000 shares of common stock to other investors for $9 cash per share, Journal Entry Accounts Date Debit Credit Jan 22 Partners Meeks and Olsen wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as M & O Services, Inc. The charter from the state of Texas authorizes the corporation to issue 15,000 shares of 4 percent, $200 par preferred stock and 200,000 shares of no par common stock. In its first month, M & O Services, Inc., completed the following transactions: Click the icon to view the transactions.) Read the requirements Requirement 2. Prepare the stockholders' equity section of the M & O Services, Inc.'s balance sheet at December 31. The ending balance of Retained earnings is $60,000 (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Stockholders' Equity Paid in capital Partners Meeks and Olsen wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as M & O Services, Inc. The charter from the state of Texas authorizes the corporation to issue 15,000 shares of 4 percent, $200 par preferred stock and 200,000 shares of no-par common stock. In its first month, M & O Services, Inc., completed the following transactions: Click the icon to view the transactions.) Read the requirements Paid-in capital Total stockholders' equity