A-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Cell to issue 80,000 shares of 6%, $50 par value cumulative preferred stock and 180,000 shares of $2 par value common stock. During the first month, A-Cell completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 24,000 shares of common stock for a building with a market value of $130,000. Date Oct. 2 Accounts and Explanation Debit Credit Building Cash Oct. 6: Issued 55 Cash Dividends Date Oct. 6 Debit Credit Common Stock-$2 Par Value Dividends Payable-Common Dividends Payable-Preferred Paid-In Capital Excess of Par-Common Oct. 9: Issued 14 Date Debit Credit Paid-In Capital in Excess of Par-Preferred Preferred Stock-$50 Par Value Retained Earnings Treasury Stock-Common Oct. 10: Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Date Oct. 10 Oct. 25: Paid the cash dividend. Date Oct. 25 Accounts and Explanation Debit Credit Accounts and Explanation Debit Credit Requirement 2. Prepare the stockholders' equity section of A-Cell's balance sheet at October 31, 2024. Assume A-Cell's net income for the month was $90,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) A-Cell Wireless Balance Sheet (Partial) October 31, 2024 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Cell to issue 80,000 shares of 6%, $50 par value cumulative preferred stock and 180,000 shares of $2 par value common stock. During the first month, A-Cell completed the following transactions:
i (Click the icon to view the transactions.)
Read the requirements.
Requirement 1. Record the transactions in the general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Oct. 2: Issued 24,000 shares of common stock for a building with a market value of $130,000.
Date
Oct. 2
Accounts and Explanation
Debit
Credit
Building
Cash
Oct. 6: Issued 55
Cash Dividends
Date
Oct. 6
Debit
Credit
Common Stock-$2 Par Value
Dividends Payable-Common
Dividends Payable-Preferred
Paid-In Capital
Excess of Par-Common
Oct. 9: Issued 14
Date
Debit
Credit
Paid-In Capital in Excess of Par-Preferred
Preferred Stock-$50 Par Value
Retained Earnings
Treasury Stock-Common
Oct. 10: Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock.
Date
Oct. 10
Oct. 25: Paid the cash dividend.
Date
Oct. 25
Accounts and Explanation
Debit
Credit
Accounts and Explanation
Debit
Credit
Requirement 2. Prepare the stockholders' equity section of A-Cell's balance sheet at October 31, 2024. Assume A-Cell's net income for the month was $90,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.)
A-Cell Wireless
Balance Sheet (Partial)
October 31, 2024
Stockholders' Equity
Paid-In Capital:
Total Paid-In Capital
Total Stockholders' Equity
Transcribed Image Text:A-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Cell to issue 80,000 shares of 6%, $50 par value cumulative preferred stock and 180,000 shares of $2 par value common stock. During the first month, A-Cell completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the general joumal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 24,000 shares of common stock for a building with a market value of $130,000. Date Oct. 2 Accounts and Explanation Debit Credit Building Cash Oct. 6: Issued 55 Cash Dividends Date Oct. 6 Debit Credit Common Stock-$2 Par Value Dividends Payable-Common Dividends Payable-Preferred Paid-In Capital Excess of Par-Common Oct. 9: Issued 14 Date Debit Credit Paid-In Capital in Excess of Par-Preferred Preferred Stock-$50 Par Value Retained Earnings Treasury Stock-Common Oct. 10: Declared a $16,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Date Oct. 10 Oct. 25: Paid the cash dividend. Date Oct. 25 Accounts and Explanation Debit Credit Accounts and Explanation Debit Credit Requirement 2. Prepare the stockholders' equity section of A-Cell's balance sheet at October 31, 2024. Assume A-Cell's net income for the month was $90,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) A-Cell Wireless Balance Sheet (Partial) October 31, 2024 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity
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