Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Transactions: 10/02/18-Issued 19,000 shares of common stock for a building with a market value of $240,000. 10/06/18-Issued 600 shares of proffered stock for $140 per

image text in transcribed
image text in transcribed
Transactions:
10/02/18-Issued 19,000 shares of common stock for a building with a market value of $240,000.
10/06/18-Issued 600 shares of proffered stock for $140 per share
10/09/18- Issued 11,000 shares of common stock for cash $55,000
10/10/18-Declared a $19,000 cash dividend for stockholders of record on October 20. Use a separate dividends payable account for preferred and common stock
10/25/18-Paid the cash dividend
Accounts to choose from:
Cash
Equity Investments
Accounts Recievable
Land
Building
Accounts Payable
Salaries Payable
Dividends Payable-Preferrred
Dividends Payable- common
Preferred Stock-$50 Par value
Paid-In Capital in Excess of Par-preferred
Common Stock-$4 Par Value
Paid-In Capital in Excess of Par-Common
Retained Earnings
Cash Dividends
Sales Revenue
Cost of Goods Sold
Backqround: D-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. D-Mobile entered into the transactions listed in the Transactions section below during October 2018

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

11th Edition

0273712136, 9780273712138

More Books

Students also viewed these Accounting questions