Problem 3 : P13-37A complete all requirements before submitting your work for grading. C-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C-Cell to issue 50,000 shares of 7%, $50 par value cumulative preferred stock and 120,000 shares of $2 par value common stock. During the first month, C-Cell completed the following transactions. Assume C-Cells net income for the month was $96,000. Requirements: The accounts used by C-Cell Wireless are provided in the Chart of Accounts (click on "Chart of Accounts to view). The accounts have already been opened in the General Ledger (click on "General Ledger to view). 1. Prepare journal entries to record the transactions of C-Cell Wireless and post the entries to the General Ledger. (Explanations are not required.) 2. Review each of the accounts in the General Ledger to see the results of posting the journal entries, including the changes in each account. 3. Review the stockholders' equity section of C-Cell's balance sheet at October 31, 2016. Transactions: 10/02/2016 Issued 22,000 shares of common stock for a building with a market value of $120,000. 10/06/2016 Issued 900 shares of preferred stock for $70 per share. 10/09/2016 Issued 12,000 shares of common stock for cash of $60,000. 10/10/2016 Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Transactions: 107 vu 2010 issucu Juu Suais UI PICICIT CU SUCK TUI PIU pei ait. 10/09/2016 Issued 12,000 shares of common stock for cash of $60,000. 10/10/2016 Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. 10/25/2016 Paid the cash dividend. COMPANY INFORMATION CHART OF ACCOUNTS | GENERAL JOURNAL Account # 10100 11150 20650 20700 30400 30450 30500 30550 30650 30850 30900 60150 Description Cash Buildings Dividends Payable - Preferred Dividends Payable - Common Preferred Stock - $50 Par Value Paid-In Capital in Excess of Par - Preferred Common Stock - $2 Par Value Paid-In Capital in Excess of Par - Common Cash Dividends Dividends - Common Dividends - Preferred Dividend Revenue Type Current Asset Property, Plant, and Equipment Current Liability Current Liability Stockholders' Equity Stockholders' Equity Stockholders' Equity Stockholders' Equity Stockholders' Equity_ Dividends - Common Dividends - Preferred Other Revenue