Question #3

E Assignments X 13 Final Examination (- C' i mylabpearsoncom ACCT 106 - W01 Financial Accounting II Jordan Hue 05/16/23 6:23 PM ('2) This test: 5 point(s) possible 2 Test: Flnal Examlnatlon GueSt'on 3 of 5 This question: 1 point(s) possible Submit test _ _ C - Wireless Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C - Wireless to issue 60,000 shares of 7%, $50 par value Questlon \"St '6 cumulative preferred stock and 180,000 shares of $3 par value common stock, During the rst month. C - Wireless completed the following transactions: 0 (Click the icon to view the transactions) 0 Question 1 Read the MLirements. 0 Question 2 ' Requirement More Info the journal entry table.) Oct. 2: Issued 0 Question 3 Date Oct. 2 Issued 22,000 shares of common stock for a building with a market value of$110,000. Oct. 6 Issued 550 shares of preferred stock for $100 per share. Oct. 2 . Oct. 9 Issued 10,000 shares of common stock for cash of $60,000. 0 Question 4 . . Oct. 10 Declared a $15,000 cash dIVIdend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 25 Paid the cash dividend. 0 Question 5 Assume C - Wireless's net income for the month was $89,000. Oct. 6: Issued Date Oct. 9: Issued 10.000 shares of common stock for cash of $60,000. Date ll Accountsand Explanation ll Debit ll Credit E Assignments X 13 Final Examination (- C' a mylabpearsoncom ACCT 106 - W01 Financial Accounting ll Jordan Hue 05/16/23 6:23 PM ('2) = . . . . _ This test: 5 point(s) possible . _ Test. Final Examination Question 3 of 5 This ques'ion: 1 minus) possible Submit test C - Wireless Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C - Wireless to issue 60,000 shares of 7%, $50 par value '6 cumulative preferred stock and 180,000 shares of $3 par value common stock. During the rst month. C - Wireless completed the following transactions: Click the icon to View the transactions) Question list 0 Question 1 Read the MLirements. 0 Question 2 Requirement 1. Record the transactions in the general journal. (Record debits rst, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 22,000 shares of common stock for a building with a market value of $1 10,000. 0 Question 3 Dale Accounts and Explanation Debit Credit Oct. 2 0 Question 4 0 Question 5 Oct. 6: Issued 550 shares of preferred stock for $100 per share. Date Accounts and Explanation Debit Credit Oct. 6 Oct. 9: Issued 10.000 shares of common stock for cash of $60,000, Date Accounts and Explanation Debit Credit E Assignments X 13 Final Examination (- C' a mylabpearsoncom ACCT 106 - W01 Financial Accounting ll Jordan Hue 05/16/23 6:23 PM ('2) E Test: Final Examination Question 3 of 5 > \""5 ms\" 5 pom\" poss'b'e Submit test This question: 1 point(s) possible C - Wireless Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C - Wireless to issue 60,000 shares of 7%, $50 par value '6 cumulative preferred stock and 180,000 shares of $3 par value common stock, During the rst month. C - Wireless completed the following transactions: (Click the icon to View the transactions) Question list 0 Question 1 Read the uirements. . l l 0 Question 2 H H H Oct. 9: Issued 10,000 shares of common stock for cash of 3560.000. . Dale Accounts and Explanation Debit Credit 0 Question 3 t * Oct. 9 0 Question 4 0 Question 5 Oct. 10: Declared at $15.000 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 Oct. 25: Paid the cash dividend. Date Accounts and Explanation Debit Credit ran as | l | l E Assignments X 13 Final Examination (- C' i mylabipearsonicom ACCT 106 - W01 Financial Accounting ll Jordan Hue 05/16/23 6:23 PM ('2) E Test: Final Examination Question 3 of 5 > \""5 ms\" 5 pom\" poss'b'e Submit test This question: 1 point(s) possible C - Wireless Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C - Wireless to issue 60,000 shares of 7%, $50 par value '6 cumulative preferred stock and 180,000 shares of $3 par value common stock, During the rst month. C - Wireless completed the following transactions: (Click the icon to view the transactions) Question list 0 Question 1 Read the Muirements. 0 Question 2 Oct. 25: Paid the cash dividend. 0 Question 3 Date Accounts and Explanation Debit Credit Oct. 25 0 Question 4 0 Question 5 Requirement 2. Prepare the stockholders' equity section of C - Wireless's balance sheet at October 31, 2024, Assume C -Wireless's net income for the month was $89,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) C-Wireless Wireless Balance Sheet (Partial) October 31, 2024 Stockholders' Equity Paid-In Capital: Assignments P Final Examination X C A mylab.pearson.com/Student/PlayerTest.aspx?testld=249765333¢erwin=yes Update : ACCT 106 - W01 Financial Accounting II Jordan Hue 05/16/23 6:23 PM Test: Final Examination