Read the Requirements

1.) Record the transactions in the general journal.

2.) Prepare the stockholders' equity section of D-Cell's balance sheet at October 31, 2018. Assume D-Cell's net income for the month was $93,000.

View the transactions

D - Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D - Cell to issue 80,000 shares of 8%, $50 par value cumulative preferred stock and 130,000 shares of $3 par value common stock. During the first month, D-Cell 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 17,000 shares of common stock for a building with a market value of $120,000 Date Accounts and Explanation Debit Credit Oct. 2 Oct. 6: Issued 550 shares of preferred stock for $90 per share Date Accounts and Explanation Debit Credit Oct. 6 Oct. 9: Issued 14,000 shares of common stock for cash of $70,000 Date Accounts and Explanation Debit Credit Oct. 9