Question
PLEASE Answer in the provided format During its first year of operations, Monty Corp. had these transactions pertaining to its common stock. Jan. 10 Issued
PLEASE Answer in the provided format
During its first year of operations, Monty Corp. had these transactions pertaining to its common stock.
Jan. | 10 | Issued 25,900 shares for cash at $4 per share. | |
July | 1 | Issued 54,500 shares for cash at $9 per share. |
Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $1 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Assets | = | Liabilities | + | Stockholders Equity | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Paid-in-Capital | + | Retained Earnings | ||||||||||||||
Cash | = | + | Common Stock | + | PIC in Excess of Par Com. | + | Revenue | - | Expense | - | Dividend | |||||
Jan. 10 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | select an account title Dividends/Interest expense/Paid-in-capital in excess of common stock/Common stock/Preferred stock/Paid-in-capital in excess of preferred stock | ||||||||
July 1 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Paid-in-capital in excess of common stock/Preferred stock/Common stock/Paid-in-capital in excess of preferred stock/Interest expense/Dividends |
PLEASE Answer in the provided format
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