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B - Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B - Mobile to issue 100,000 shares of 9%, $50 par value cumulative preferred stock and 150,000 shares of $1 par value common stock. During the first month, B - Mobile completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 25,000 shares of common stock for a building with a market value of $130,000. Date Accounts and Explanation Debit Credit Oct. 2 130,000 Building Common Stock-$1 Par Value Paid-In Capital in Excess of ParCommon 25,000 105,000 Issued common stock for building. Oct. 6: Issued 800 shares of preferred stock for $80 per share. Date Accounts and Explanation Debit Credit Oct. 6 Cash 64,000 40,000 Preferred Stock-$50 Par Value Paid-In Capital in Excess of ParPreferred 24,000 Issued preferred stock for cash. Oct. 9: Issued 14,000 shares of common stock for cash of $70,000. Date Accounts and Explanation Debit Credit Oct. 9 Cash 70,000 Common Stock-$1 Par Value 14,000 Paid-In Capital in Excess of Par-Common 56,000 Issued common stock for cash. Oct. 10: Declared a $17,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Date Accounts and Explanation Debit Credit Oct. 10 Cash Dividends 17,000 Dividends PayablePreferred Dividends Payable-Common 3,600 13,400 Declared cash dividend. Oct. 25: Paid the cash dividend. Date Debit Credit Oct. 25 Accounts and Explanation Dividends PayableCommon Dividends PayablePreferred Cash 13,400 3,600 17,000 Paid cash dividend. Requirement 2. Prepare the stockholders' equity section of B - Mobile's balance sheet at October 31, 2018. Assume B - Mobile's net income for the month was $93,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) B-Mobile Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: HII II Total Paid-In Capital Total Stockholders' Equity Requirement 2. Prepare the stockholders' equity section of B - Mobile's balance sheet at October 31, 2018. Assume B - Mobile's net income for the month was $93,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) B-Mobile Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: Common Stock-$1 Par Value; Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of ParPreferred Preferred Stock9%, $50 Par Value; Retained Earnings Total Paid-In Capital Total Stockholders' Equity Oct. 2 Oct. 6 Issued 25,000 shares of common stock for a building with a market value of $130,000. Issued 800 shares of preferred stock for $80 per share. Issued 14,000 shares of common stock for cash of $70,000. Declared a $17,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 9 Oct. 10 Oct. 25 Paid the cash dividend. Assume B - Mobile's net income for the month was $93,000. B-Mobile Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: shares at cost res authorized, shares issued and outstanding Total Paid-In Capital Total Stockholders' Equity Requirement 2. Prepare the stockholders' equity section of B - Mobile's balance sheet at October 31, 2018. Assume B-Mobile's net income for th month was $93,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) B-Mobile Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: shares at cost shares authorized, shares issued and outstanding Total Paid-In Capital Total Stockholders' Equity B-Mobile Wireless Balance Sheet (Partial) October 31, 2018 Stockholders' Equity Paid-In Capital: Common Stock-$1 Par Value; Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of ParPreferred Preferred Stock9%, $50 Par Value; Retained Earnings Total Stockholders' Equity
