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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 24
Journalizing corporate transactions and preparing the stockholders' equity section of the balance sheet
Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes Cell to issue 40,000 shares of 10%, $50 par preferred stock and 100,000 shares of no-par common stock. Cell completed the following transactions:
Requirements
1. Record the transactions in the general journal.
2. Prepare the stockholders' equity section of the Cell balance sheet at January 31. The ending balance of Retained earnings is $93,000.
Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes Cell to issue 40,000 shares of 10%, $50 par preferred stock and 100,000 shares of no-par common stock. Cell completed the following transactions:
Requirements
1. Record the transactions in the general journal.
2. Prepare the stockholders' equity section of the Cell balance sheet at January 31. The ending balance of Retained earnings is $93,000.
Explanation
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2.
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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