Stores is authorized to issue10,000

shares of common stock. During a two-month period,Captain

completed these stock-issuance transactions:

Jan

23

Issued 2,600 shares of $2.50 par common stock for cash of $15.00 per share.

Feb

12

Received inventory with a market value of $20,000 and equipment with market

value of $45,000 for 3,300 shares of the $2.50 par common stock.

Requirements

1.	Journalize the transactions.
2.	Prepare the stockholders' equity section of CaptainCaptain Stores' balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $47,000.

Requirement 1. Journalize the transactions.

Begin by journalize the transaction on

JanuaryJanuary

23. (Record debits first, then credits. Exclude explanations from any journal entries.)

Journal Entry
Date		Accounts	Debit	Credit
Jan	23	Cash
		Common Stock